Singapore: Arbor, Eight Roads back fintech startup Silot’s $2.87m pre-Series A

The Silot team. (PRNewsfoto/Silot Pte Ltd)

Singapore-based fintech company Silot Pte Ltd has raised a $2.87-million pre-Series A funding round from Arbor Ventures and Eight Roads Ventures for technology upgrades and overseas expansion.

The funding round comes nine months after it raised seed funding from Beijing-based ZhenFund, marking the venture fund’s first investment in Southeast Asia.

Silot says it uses artificial intelligence and blockchain to connect the various silos at banks and other financial institutions such as for payments, onboarding, merchant management and anti-fraud.

“The wealth of network and industry know-how of Arbor Ventures and Eight Roads Ventures will give Silot the cutting edge for the technology upgrading and growth ahead”, said Andy Li, founder and CEO of Silot. Prior to establishing Silot, Li headed global expansion for technology firms such as Baidu, Sohu, SEA and Kingsoft.

The latest financing will mainly be used to fuel Silot’s expansion in Thailand, Malaysia, Hong Kong and other markets in the region. Silot has already extended its banking platform to banks in Thailand and Malaysia.

“The Silot team has strong market knowledge, and the ability to engage and partner with well-known financial institutions through its end-to-end solutions and technological integration. We believe Silot will play a leading role within the fast moving, dynamic development of mobile payments and new technology adoption in South East Asia, and potentially around the globe,” said Arbor Ventures co-founder and managing partner Wei Hopeman.

Arbor Ventures is Asia’s leading fintech-focused venture fund which counts payment company 2C2P and ABRA, a digital cash money transfer among its portfolio.

As technology disrupts the financial services sector, fintech firms are attracting a lot of investor interest. Fintech investments in Singapore rose to $61.5 million in the second quarter of 2017, according to KPMG.

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