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.