RABC Group, a Singapore-headquartered fintech agency with subsidiaries in China and Japan, introduced the profitable elevate of US$6.7 million in Sequence A funding spherical led by Japan’s SBI Group.
Different traders that participated within the fundraise embody Sumitomo Mitsui Banking Company (SMBC), R3, Savills, KZM & Firm, and others.
With this fundraise, RABC mentioned that it’ll recruit abilities with expertise and enterprise improvement experience in addition to pursue market enlargement throughout the Southeast Asia area.
Its digital banking neobank platform named banco leverages the digital capabilities of the RABC group’s experience in Micro, Small and Medium Enterprises (MSMEs) lending and shut trade partnerships, to develop sector-focused and sustainable monetary options for MSMEs.
banco goals to succeed in out to greater than 1000 MSMEs in 2022.
Transferring ahead, the group will deal with providing inexperienced financing options for MSMEs and corporates in optimising money circulate and bettering sustainability of their whole worth chain.
Lincoln Yin
“With this new spherical of fundraising, we wish to the longer term the place the group can use our current fintech capabilities to construct higher sustainable monetary infrastructure for MSMEs in Asia, and to increase regionally.
We’re excited, but humbled by the belief and assist from our shoppers, companions, and traders as we develop new capabilities and unlock new alternatives on this monetary transformation period.”
mentioned Lincoln Yin, Co-founder and CEO, RABC Group.
Yoshitaka Kitao
“We’re excited to guide banco’s Sequence-A fundraising along with our strategic companions, SMBC and R3.
There could be collaborations amongst SBI, SMBC, R3, and banco, to supply extra inclusive financing options and obtain ESG targets for SMEs in Asia. We imagine that banco will develop to be the chief in its sector.”
mentioned Yoshitaka Kitao, CEO, SBI Holdings.
