Netbank, a Manila, PH-based Banking as a Service platform, allowing fintech to launch and scale fast in the Philippines, has successfully completed its Series A investment round.
Led by regional venture capital firm Beenext, with participation from prominent Filipino investors, including Kaya Founders and Oak Drive Ventures Inc., as well as individual investors.
The raised funds will enable the company to launch payments, accounts, and lending solutions for lenders, eCommerce platforms, payment companies, and corporates.
Netbank prides itself on being the first banking-as-a-service platform in Southeast Asia operating with a full banking license. By offering fully white-labeled banking services, Netbank enables Filipino fintech companies to grow rapidly while reducing costs, thereby facilitating financial inclusion and fostering innovation.
Gus Poston, Co-founder of Netbank, said: “We are thrilled to have closed our Series A funding round with such strong support from a distinguished group of investors. This investment is a testament to the dedication and hard work of our team as we strive to redefine the Filipino banking industry. With this capital infusion, we are strongly capitalised and ready to expand our lending to more segments of the Filipino new economy.”
Netbank is committed to delivering secure, efficient, and customer-centric banking solutions that enable fintech companies to expand their reach and offer efficient banking services to individuals and businesses.
Company: Netbank, Inc.
Raised: Undisclosed
Round: Series A
Funding Month: May 2023
Lead Investors: Beenext
Additional Investors: Kaya Founders and Oak Drive Ventures Inc.
Company Website: https://www.netbank.ph/
Software Category: Banking Software
About the Company: Founded in 2019 by Gus Poston and David Paulo Dela Paz, Netbank is a fully regulated Filipino bank, operating on a white-labeled basis to power fintech and financial services companies in the Philippines. Netbank’s mission is to ‘work through partnerships, to provide invisible financial services’ in the Philippines. They provide a full range of banking services to fintech and financial institutions migrating to digital and book loans originated by alternative lenders, open accounts for Banking as a Service aggregator, manage payments via API, issue cards, and provide mobile banking apps.
Source: https://www.crowdfundinsider.com/2023/05/207531-philippines-netbank-the-banking-as-a-service-platform-finalizes-series-a-round/