RootAnt, a banking-as-a-service startup based in Singapore, has closed a seed round of US$1.46 million with lead investor Linear Capital with participation from KZM & Company Group.
The fintech startup will use the money for expansion in Singapore, the rest of Southeast Asia and Japan.
RootAnt specialises in embedded financing for enterprises. It connects enterprises and financial institutions with new digital financial products for faster financing services.
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This empowers banks and non-bank financial institutions to integrate more digital banking capabilities, including embedded financing to provide better customer experience.
This effort is also in line with the Singapore government’s aim for digital-only banks. As COVID-19 has caused many SMEs to face harsher challenges in making payments while ensuring healthy liquidity, the push toward more innovative and relevant digital banking solutions has become a priority.
“The current economic climate requires innovation and customer-focused digital solutions that truly make a difference for a more sustainable economy. Through our digital and open banking technological capabilities for transaction banking, we aim to become a key player in this industry to continue supporting businesses with their financing demands as they recover from the impact of COVID-19,” RootAnt Founder and CEO Lincoln Yin said.
With branches in China and Japan, RootAnt now aims to provide both anchor corporates and SMEs with new and enhanced solutions on its platform. This includes R&D for further development of BANCO Engine (banking as a service) and the multi-tier financing platform, to support businesses within supply chain ecosystems.
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This year, RootAnt is also planning to launch several other financial solutions covering verticals such as SME Finance, Green Finance, Islamic Finance, and BANCO Chain (a trusted blockchain network for supply chain finance).
Established in 2014 by Facebook’s second Chinese engineer and first R&D manager Harry Wang, Linear Capital is an early-stage venture based in Shanghai.
KZM is an international business creator with solid expertise in finance, IP management, and global expansion, with its presence in the US, Hong Kong, and Japan.
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Photo by Ales Nesetrilon Unsplash
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