In a pre-series A investment round led by Creador, Singapore-based UnoAsia, the parent company of Uno Digital Bank in the Philippines, has secured US $11 million.
The agreement brought UnoAsia’s total finance to US $44.5 million.
UnoAsia, founded in 2020 by Manish Bhai and Kalidas Ghose, intends to assist the 45 million underbanked Filipinos. In 2021, it obtained a digital bank license from the nation’s central bank to do this.
The business stated in a statement that the additional funding will aid in the commercial launch of Uno Digital Bank, which is still in closed-loop beta testing.
“Our investment will allow us to promote financial inclusion in a country where only 10% are borrowing from the organized sector,” said Omar Mahmoud, Creador’s managing director.
Angel investors like Samir Arora, the founder of Helios Capital, and Akash Bhanshali, in addition to Creador, are investors in UnoAsia.
In addition, UnoAsia intends to establish digital banks in other South Asian and Southeast Asian nations, elevating the company to regional prominence over the coming several years.
