Singapore’s neobank banco nets US$6.7M Series A led by SBI Group

Singapore-headquartered neobank banco has secured US$6.7 million in Series A funding led by Japan’s SBI Group.

Sumitomo Mitsui Banking Corporation (SMBC), R3, Savills, KZM & Company, and others also joined.

With this fundraise, banco, owned and operated by RABC Group, will look to recruit talents with technology and business development expertise and market expansion within Southeast Asia.

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Founded in 2018, banco is a financing platform for growing businesses in Asia. It leverages RABC group’s expertise in micro, small and medium enterprises (MSME) lending to developing sector-focused and sustainable financial solutions for MSMEs.

In essence, banco empowers all companies to take control of their cashflow.

In March this year, banco partnered with leading real estate advisor Savills (Singapore) to digitise financing solutions and enhance sustainability practices in the property industry1. With more industry partnerships in the pipeline, banco aims to reach out to more than 1000 MSMEs in 2022.

banco has subsidiaries in China and Japan.

Also Read: Lucy, a Singaporean neobank focused on women entrepreneurs, bags seed funding

SBI Group offers various financial services beneficial to consumers by riding the two major trends of financial deregulation and the internet revolution. In Japan, the group utilised the internet as its main channel and created a financial ecosystem in the financial services business centring on securities, banking and insurance to become a comprehensive financial group.

Moving forward, the group will focus on offering green financing solutions for MSMEs and corporates in optimising cash flow and improving sustainability in their entire value chain.

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