SBI FMO Fund invests in Singapore fintech startup Bank-Genie

Singapore-based fintech startup Bank-Genie has raised an undisclosed amount in a Series A funding from SBI FMO Emerging Asia Financial Sector Fund, a private equity vehicle set up by Japan’s SBI Holdings and Netherlands’ Development Finance Company.

Bank-Genie, that called the investment “significant” in a statement issued on Monday, creates mobile native software enabling banks and financial institutions to create virtual retail branches.

Established in 2016, the company’s other products include Genie-Teller (improving efficiency of teller operations) and Genie-Mandate (automation of cheque confirmation process).

“Bank-Genie will greatly benefit from the association of SBI FMO given its rich experience in financial services and fintech in emerging markets,” said Ramkumar Sarma, co-founder & CEO of Bank-Genie.

The SBI FMO Fund, which invests in promising financial sector opportunities in emerging Asia (with a focus on India, Sri Lanka, Bangladesh, Indonesia, Philippines, Thailand, Cambodia and Vietnam), is managed by SBI Ven Capital.

The vehicle that initially had a target size of $80 million, later increased it to $100-$120 million amid a strong response from investors while it was raising the fund.

In 2013, the fund was launched by two partners — Japanese PE and leading global internet-based financial conglomerate SBI Group and FMO (the Netherlands Development Finance Company) that supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs.

The fund late last year invested in Sri Lanka-based Sanasa Development Bank (SDB), raising $48 million through a private placement of ordinary shares. In April last year, it completed a $10 million investment into PT Bank Index Selindo, a SME-focused commercial bank in Indonesia, for a minority stake. Earlier in 2015, it invested $8.1 million in Indian microfinance firm Satin Creditcare Network Ltd through issue of equity shares and convertible share warrants.

Meanwhile, the current investment Bank-Genie claims to have customers across Africa, South Asia and South East Asia.

Also Read:

SBI Holdings invests $10m in Indonesia’s Bank Index Selindo

Lankan bank Sanasa to raise $48.6m via private placement to IFC, SBI-FMO Emerging Asian Fund

India: SBI FMO picks 10% stake in micro-finance firm Satin Creditcare

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.