- Singapore’s UnoAsia raised $32M for its Uno Digital Bank in the Philippines.
- UnoAsia prioritizes profitability this year while expanding services for its 1M customers.
- Success would showcase digital banking’s potential in the Philippines.
Singapore-headquartered UnoAsia, parent company of Uno Digital Bank in the Philippines, raised $32.1 million in a funding round mixing debt and equity.
Investors included Gateway Partners, Creador Private Equity and Nextinfinity Management. With total funding nearing $75 million, UnoAsia aims for its digital bank to reach profitability this year.
Services the bank provides
Launched just over a year ago, Uno Digital Bank currently provides services like savings, transactions, investments and insurance to its 1 million customers. It will expand offerings while optimizing operations for profit.
Revenue is dominated by loans, expected to account for 60-70%.
Their history
UnoAsia was founded in 2020 to serve the Philippines’ growing digital banking market. Uno Digital aims to double its customer base and deposits by end-2024.
New products tailored for MSMEs, now only 10% of clients, are planned for later this year. MSMEs represent 40% of Philippine GDP and 63% of employment.
Seeking profitability
UnoAsia is focused on cementing Uno Digital’s position in the years ahead. Profitability will enable the bank to self-fund expansion, bringing digital financial services to more Filipinos.
UnoAsia’s latest funding round comes as Uno Digital Bank transitions from startup to sustainable business. Optimizing operations now could pay dividends for the long term. Its success would showcase the potential of digital banking in the Philippines.
