https://www.techinasia.com/numoni-series-b-funding
Singapore’s Numoni raises $4.7M to bring
digital payments to unbanked
Singapore-based digital payments company Numoni has raised S$6.6 million (US$4.76 million) in a series B round. Singaporean investment firm OWW Capital Partners and notable local business figure Robert Yap, along with several private funds, participated in the round. Robert Yap also sits on the board of Numoni.
Numoni was founded in 2012 to
enable cashless payment methods for unbanked populations. Its prime offering is
Nugen, an ATM-like terminal that allows the user to remit money abroad, pay
bills, receive funds, top up phone airtime, and more. Since 2012, Numoni has
expanded from Singapore to Malaysia, Indonesia, the Philippines, and Hong Kong.
In October 2014, it acquired a controlling stake in Maxbank, a thrift bank in
the Philippines.
Numoni
previously raised two funding rounds. For those, the company counted primarily
on friends and family to participate, Numoni CEO Norma Sit tells Tech
in Asia, although government
investment firm SPRING Seeds Capital was also a part of the series A. This
time is different, as not only was the company able to close its series B round
much quicker, but the participation of outside parties is a validation for what
it’s trying to do, Sit says. “It gives that vote of confidence to management
and to previous investors, that yes, this is something that is real.”
OWW began in Singapore as OCBC, Wearnes
& Walden Management, a firm established by OCBC Bank, investment company
Walden International, and former United Engineers subsidiary WBL Corporation.
OCBC and WBL divested from the firm, which now invests in companies operating
in IT, logistics, education or training, healthcare, financial services, and consumer
services.
Robert Yap is the former CEO for
East Asia for global port corporation PSA International. He is a council member
for Singapore at the ASEAN Business Advisory Council, and executive director
for Singapore-based supply chain solutions provider Y3 Technologies.
See: Payments startups innovate where banks and telcos never
will
Where the series A enabled the company to bring its Nugen terminals to market, and the series A+ helped it to invest in Maxbank, Numoni is concentrating on hiring and market penetration with this latest round. “[The] series B [investment] enables us to build teams and to expand in these markets with a lot more firepower behind us,” Sit explains.
Where the series A enabled the company to bring its Nugen terminals to market, and the series A+ helped it to invest in Maxbank, Numoni is concentrating on hiring and market penetration with this latest round. “[The] series B [investment] enables us to build teams and to expand in these markets with a lot more firepower behind us,” Sit explains.
The investment also opens the door
for a potential initial public offering (IPO), according to Sit. “Access to
finance is a very important part of who we are, because the market is huge and
being able to navigate it is key.”
Fuel for expansion
Although Sit wouldn’t release
numbers on revenue or usage, she feels Numoni has made significant inroads in
the markets it is active in, which now gives it the chance to strengthen its
already strong team. “They all have tremendous experience in transaction processing,
financial services, payments, remittances, e-wallets, and digital banking
services,” she explains.
Numoni has so far kept development
in Singapore, but as it bolsters its presence in other markets, it will spread
around some of its development resources in Malaysia and the Philippines. This
will bring down operating costs, but it’s also a by-product of the difficulty
of finding technical staff in Singapore, Sit explains.
This has been highlighted as a
problem in Singapore by Compass’ Startup Ecosystem Ranking 2015 report, and
Numoni has felt the challenge, especially when it comes to bringing in talent
from overseas.
Going forward, Numoni will also
consider further potential acquisitions, according to Sit. “Numoni’s business
is in three core areas: micro-payments, micro-remittances, and micro-loans,”
she says. “So these are areas we would be keen to look into. We believe we have
gone a little further as a company, and because of that, it would be good to
partner with some of the newer startup companies [in those areas].”
See: Fintech can be the unbanked’s best hope for financial
inclusion
As for potential new markets, Sit identifies Myanmar and Vietnam as two strong candidates that fit with Numoni’s offering. In fact, the company is already in talks with possible partners in Myanmar. However, all this is further down the line. “I think our hands are quite full [at the moment], because with 150 million unbanked in Indonesia, with about 12 million overseas workers from the Philippines, it’s already very challenging,” Sit says.
As for potential new markets, Sit identifies Myanmar and Vietnam as two strong candidates that fit with Numoni’s offering. In fact, the company is already in talks with possible partners in Myanmar. However, all this is further down the line. “I think our hands are quite full [at the moment], because with 150 million unbanked in Indonesia, with about 12 million overseas workers from the Philippines, it’s already very challenging,” Sit says.
Numoni finds itself in a field
that’s quickly populating with new startups as well as incumbents from large
financial institutions looking to innovate. For all of them, Southeast Asia’s
unbanked populations are a wide open opportunity.
http://www.numoni.com/contact-us/
Numoni - Singapore (Head
Office)
·
10 Ubi Crescent Ubi Techpark, #02-19 (Lobby
B) Singapore 408564
·
+65 6812 2888
Numoni - Malaysia (Kuala
Lumpur)
·
D-07-1, Plaza Kelana Jaya, Jalan SS7/13A, 47301
Petaling Jaya Selangor Darul Ehsan, Malaysia
·
+603 7872 9608
Numoni - Malaysia (Plant)
·
PLO 163, Jalan Cyber Utama Taman Perindustrian
Senai III 81400 Senai, Johar, Malaysia
·
+60 7598 1281
Numoni - Hong Kong
·
Room 803, 8/F Tower 2 Cheung Sha Wan Plaza 833
Cheung Sha Wan Road, Lai Chi Kok, Kowloon, Hong Kong
·
+852 3955 2000
Numoni - Philippines
·
81A 8th Floor NOL Tower, Commerce Avenue,
Madrigal Business Park, Alabang, Muntinlupa City, 1781, Metro Manila,
Philippines
·
+632 833 7563
Numoni - Indonesia
·
Jalan Warung Buncit Raya No 18, Duren Tiga,
Pancoran, Jakarta Selatan 12760 Indonesia
·
+62 21 4030 8080
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