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April 12, 2024

Empowering the unbanked: UNO Digital Bank secures $32.1 million to bridge the financial gap

UNO Digital Bank, a pioneer in the Philippine digital banking scene, has secured a $32.1 million pre-Series B funding round, paving the way for further expansion and technological advancements.

The funding comprises both equity and debt financing, demonstrating strong investor confidence in the bank’s future.

This fresh capital will fuel UNO Digital Bank’s ambition to revolutionize the Philippines’ digital financial landscape and promote financial inclusivity, aligning perfectly with Gateway Partners’ mission of supporting growth in emerging markets.

Omar Mahmoud, Managing Director of Creador Private Equity, highlighted the critical role UNO Digital Bank plays in bringing formal financial services to the underbanked through its user-friendly digital platform.

UNOBank has achieved one million customers and $100 million in deposits within 15 months. CEO Manish Bhai attributed this growth to their diverse product offerings, catering to a wide range of customer needs.

It has launched personal loan products targeting various segments, including salaried individuals, professionals, and MSMEs. This move aims to bridge the formal credit gap and empower more Filipinos.