UnoAsia completes a fundraising round of USD 32.1 million.

UnoAsia, a Singaporean company, has revealed that it has raised USD 32.1 million in a pre-series B investment to expand its product line and introduce new MSMEs capabilities.

Madilyn Swift

February 21, 2024

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Gateway Partners, Creador Private Equity, and Nextinfinity Management were among the investors in the debt and equity combination deal. The Uno Digital Bank will prioritise profitability by the end of 2024 with this investment round.

Furthermore, in the upcoming months, the company intends to keep concentrating on creating and launching additional features in addition to expanding up its present product range.

Additional details on the fundraising round

In the Philippines, Uno Digital Bank's parent company is represented by the financial organisation UnoAsia. In order to offer its partners and clients its knowledge base and array of services—which includes savings, transactions, insurance, and investment products—Uno Digital Bank was created.

The financial institution would prioritise satisfying the needs, preferences, and expectations of the expanding bankable clientele in the Philippines while also striving to expedite its development process and adhering to local industry regulations and legislation. The introduction of client durable loans, a feature intended as a personal loan for retail and online purchases, is part of this plan. The bank also intends to make the technology available in the upcoming months.

Currently operating with a single-digit non-performing loan (NPL) percentage, Uno Digital Bank plans to shortly expand its portfolio of offerings to include life insurance, health insurance, and other general insurance services.

The process of launching new products that are tailored to the requirements of MSMEs will also be a priority for Uno Digital Bank. Since retail clients and users make up the majority of the company's user base—only 10% are Micro, Small, and Medium-sized Enterprises (MSMEs)—this plan is anticipated to be implemented in the second half of 2023. The Uno Digital Bank hopes to achieve a 60%-40% ratio between individual consumers and MSMEs by implementing this method.

In addition, the financial institution wants to quadruple its clientele by the end of 2024. As of right now, it has one million customers with deposits totaling one hundred million dollars, according to bank executives.