01Fintech Founder and Managing Partner Kenny Man
01Fintech, a growth-stage fintech private equity (PE) firm founded by ex-Ant Group executive Kenny Man, has received an undisclosed sum in funding from Sinar Mas Financial Services, a subsidiary of Indonesian conglomerate Sinar Mas Group.
The PE firm will leverage its market insights, investment experience, and technical and operational expertise to transform and operationalise Sinar Mas Financial’s fintech vision and ambition.
At the same time, Sinar Mas Financial will leverage the 01Fintech team’s specialisation to drive synergies amongst the business units and various fintech investments across the entire Sinar Mas Group ecosystem.
Sinar Mas Financial provides a range of financial services, such as life and non-life insurance, securities, banking, capital markets, and Web3 and fintech services to over 25 million customers daily.
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“We are committed to helping Sinar Mas Financial achieve its digital transformation goals and ultimately bring greater synergy to the Sinar Mas Group through this digitisation exercise. Our work to support and nurture promising fintech companies in the region will continue now with additional funds from SMMA,” said Kenny Man, Founder and Managing Partner of 01Fintech.
01Fintech was launched by Kenny Man, former Head (International Investment and Post Investment) at Ant Group and former The PE firm leverages its extensive global LP network comprising prominent CEOs, family offices and conglomerates in Asia Pacific to invest in fintech firms in Asia.
Last October, 01Fintech launched a US$300-million Asia Pacific Fund. Its backers include David Velez, Co-Founder of Brazil’s NuBank; Alphonese Voigt, Co-Founder and Chair of Brazilian fintech unicorn Ebanx; the Philippines’s Ayala family; and Ernest Chu, CEO of the Filipino telco Globe.
01Fintech invests mainly in growth-stage fintech startups in Southeast Asia. Kenny Man, Founder and Managing Partner of 01Fintech, has a long track record of deals across Southeast Asia. During his time at Ant Group, he led the Chinese company’s investments in Thailand’s Ascend Money, Indonesia’s Dana and the Philippines Mynt when these fintech firms were just started.
Pak Indra Widjaja, President Commissioner at Sinar Mas Financial, said: “01Fintech’s team has a proven track record of identifying and nurturing promising fintech companies in Southeast Asia, and we are confident that their expertise and guidance will play a crucial role in building our fintech ecosystem for more seamless collaboration and better consolidation of resources within the Group.”
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