Xavier Kong · · 1 min readSG neobank secures $6.7m series A from SBI Group, others
Singapore-based neobank Banco has raised US$6.7 million in a series A funding round led by Japan-based SBI Group. Other investors that participated in the fundraise include Sumitomo Mitsui Banking Corporation, R3, and Savills.
Singapore Financial District / Photo credit: Shutterstock
Banco, which is a part of the RABC Group, will use the funds to secure talent in the fields of tech and business development, as well as to expand throughout Southeast Asia.
The firm applies RABC Group’s knowledge in MSME lending to develop sustainable financial solutions for such enterprises.
Currently, Banco plans to focus on offering green financing solutions that optimize cash flow and improve sustainability in the value chain, with a goal of reaching out to more than a thousand MSMEs this year.
Established in 2018 by RootAnt founder Lincoln Yin, the neobank currently has subsidiaries in China and Japan.
See also: Coda Payments’ road to profitable gaming-fintech unicorn
Editing by Miguel Cordon and Lorenzo Kyle Subido
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