PR97610

SINGAPORE, Aug. 31, 2022 /PRNewswire=KYODO JBN/ --

*Series A round was led by SBI Group alongside SMBC

*Through its digital platform - banco, the firm delivers sector-focused and

green financing solutions for MSMEs in Southeast Asia

Singapore-headquartered fintech company banco (RABC Group) yesterday 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

Southeast Asia.

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.

The SBI Group, founded in 1999, has achieved significant growth by offering

varieties of financial services beneficial to consumers by riding the two major

trends of "financial deregulation" and the "Internet Revolution."

"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. In Southeast Asia, MSMEs contribute more than 50%

of ASEAN countries' GDP, but still face challenges with securing financing to

cover the needs of their business. As ASEAN is adapting to climate change, it

is increasingly important to ensure that MSMEs are included and incentivised to

become greener and sustainable. Technology and new data-driven financial

products will play an important role in improving the access to sustainable

finance for MSMEs." said Lincoln Yin, Co-founder & CEO, banco (RABC Group).

SOURCE: banco (RABC Group)