As it prepares to list on the Australian Securities Exchange, Singapore-headquartered alternative lender Robocash is looking to raise US$5 million to launch a neobank in the Philippines.
Robocash operates what it calls "robotic financial services" for consumer lending and marketplace funding in Russia, Kazakhstan, Spain, India, Indonesia, Vietnam and the Philippines.
The firm plans an initial public offering on the ASX in December in a move it says will raise US$70 million.
In the meantime, it is seeking US$5 million in pre-IPO funding as regulatory capital for a Philippine banking license. The firm is planning its first foray into full banking with the project, called Una Bank, which will target the Philippines' underbanked.
Sergey Sedov, CEO, Robocash, says "it seems rather odd" that tech-savvy people are still underserved by traditional lenders.
He continues: "For instance, 95% out of two-thirds of Filipinos with access to the Internet use smartphones for that purpose. However, only 37% use banking apps. We are willing to change it and aim at delivering premium financial services to these markets."