UNO Digital Bank Secures $32.1 Million in Funding to Fuel Expansion

UNOAsia Pte Ltd has secured US$32.1 million in a recent pre-Series B funding round, with the mix of equity and debt funding aimed at reinforcing the operations of UNO Digital Bank in the region, with a particular focus on technology enhancements.

Investment from Gateway Partners, noted by co-founder Anand Kumar, is directed towards transforming the digital financial landscape and advancing financial inclusion in the Philippines. This investment aligns with the firm’s strategy of supporting growth in emerging markets through innovative solutions.

Omar Mahmoud, Managing Director of Creador Private Equity, highlighted the investment in UNO Digital Bank as a step towards offering the underbanked population access to formal financial services through a digital platform.

Manish Bhai

“In just fifteen months since its commercial launch, UNO Digital Bank secured accounts with a million customers and amassed US$100 million in deposits, predominantly within transaction, savings, and time deposit accounts.”

said CEO Manish Bhai. This growth underscores the bank’s rapid expansion and acceptance in the market.

Kalidas Ghose

UNO Digital Bank Chairman Kalidas Ghose pointed to the bank’s diverse product offerings as a reflection of its commitment to serving varied customer needs.

“Our relationship with customers is expressed through the prism of five essential banking products: Transaction, Savings, Loans, Investment, and Insurance,”

he said.

The bank has also introduced personal loan products aimed at closing the formal credit gap for different segments, including salaried individuals, professionals, and MSMEs.

Nextinfinity Management expressed its support for UNO Digital Bank’s rapid growth and its goal of becoming a leading digital banking and financial platform in the Philippines, alongside Creador and Gateway Partners.

The funding and support from various partners reflect a collective confidence in the UNO Digital Bank approach to futureproofing banking services in the Philippines through digital innovation.