Netbank Closes Series A Funding Round Led by Beenextby Fintech News Philippines May 22, 2023
Netbank, a Philippines-based neobank that offers Banking-as-a-Service solutions, announced that it has closed its Series A funding round. The investment sum was not disclosed.
The round was led by regional venture capital firm Beenext with participation from Kaya Founders and Oak Drive Ventures Inc. as well as individual investors.
The funds will be used to expand its product suite with enhanced payments, accounts and lending solutions for Netbank’s client base comprising lenders, e-commerce platforms, payment companies and corporates.
With its rural bank license, Netbank provides banking services on a fully white-labelled basis so that Filipino fintechs can accelerate their growth and reduce their costs.
Netbank said that it has seen its assets grow by 1,600% since the start of 2022, to reach PHP 1 billion (US$18 million). The firm claims to have reached profitability in March 2023.
“We are thrilled to have closed our Series A funding round with such strong support from a distinguished group of investors.
With this capital infusion, we are strongly capitalised and ready to expand our lending to more segments of the Filipino new economy.”
said Gus Poston, Co-founder of Netbank.
“We are deeply impressed by the high capital efficiency and innovation index of the team at Netbank.
Netbank’s approach as a wholesale led neo bank, coupled with their deep understanding of customer needs, positions them as a uniquely differentiated service to a novel fast growing customer segment in the Filipino banking market.”
said Dirk van Quaquebeke, Managing Partner at Beenext.