Singapore-Based Fintech banco Lands US$6.7M Series A Round

Singapore-headquartered, Financial Technology (FinTech) company, banco (RABC Group) today announced the successful raise of US$6.7M in Series A funding led by Japan-based leading financial group SBI Group, alongside investors Sumitomo Mitsui Banking Corporation (SMBC), R3, Savills, KZM & Company, and others.

With this fundraise, banco will look towards recruiting talents with technology and business development expertise, as well as, market expansion within the Southeast Asia region.

Founded in 2018, banco (RABC Group) is headquartered in Singapore with subsidiaries in China and Japan. The banco platform leverages the digital capabilities of the RABC group's expertise in Micro, Small and Medium Enterprises (MSME) lending and close industry partnerships, to develop sector-focused and sustainable financial solutions for MSMEs.

"We are excited to lead banco's Series-A fundraising together with our strategic partners, SMBC and R3. There would be collaborations among SBI, SMBC, R3, and banco, to offer more inclusive financing solutions and achieve ESG targets for SMEs in Asia. We believe that banco will grow to be the leader in its sector." says Yoshitaka Kitao, CEO, SBI Holdings.

"With this new round of fundraising, we are looking to the future where the group can use our existing fintech capabilities to build better sustainable financial infrastructure for MSMEs in Asia, and to expand regionally. We are excited, yet humbled by the trust and support from our clients, partners, and investors as we develop new capabilities and unlock new opportunities in this financial transformation era," says Lincoln Yin, Co-founder & CEO, banco (RABC 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.
(Source: Finextra)