Neobank Banco, a Singapore-based company, has secured US $6.7 million in a series A fundraising round that was spearheaded by SBI Group, a Japanese company. Sumitomo Mitsui Banking Corporation, R3, and Savills were among the additional investors who took part in the fundraising.
The RABC Group company Banco will utilise the money to hire professionals in the tech and business development industries and to grow throughout Southeast Asia.
To create long-term financial solutions for these businesses, the company draws on the expertise of RABC Group in MSME financing.
In order to reach more than a thousand MSMEs this year, Banco will concentrate on providing green financing solutions that maximise cash flow and enhance sustainability in the value chain.
The neobank was founded in 2018 by Lincoln Yin, the creator of RootAnt, and now has affiliates throughout China and Japan.