RABC Group Raises US$6.7 Million in Series A Led by Japan’s SBI Groupby Fintech News Singapore August 31, 2022
RABC Group, a Singapore-headquartered fintech firm with subsidiaries in China and Japan, announced the successful raise of US$6.7 million in Series A funding round led by Japan’s SBI Group.
Other investors that participated in the fundraise include Sumitomo Mitsui Banking Corporation (SMBC), R3, Savills, KZM & Company, and others.
With this fundraise, RABC said that it will recruit talents with technology and business development expertise as well as pursue market expansion within the Southeast Asia region.
Its digital banking neobank platform named banco leverages the digital capabilities of the RABC group’s expertise in Micro, Small and Medium Enterprises (MSMEs) lending and close industry partnerships, to develop sector-focused and sustainable financial solutions for MSMEs.
banco aims to reach out to more than 1000 MSMEs in 2022.
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.
“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.”
said Lincoln Yin, Co-founder and CEO, RABC Group.
“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.”
said Yoshitaka Kitao, CEO, SBI Holdings.