Silot is a Fintech start-up in Singapore. It has lost US$ 3 million from investors in pre-series A funding. The investors included marquee names like Arbor Ventures and Eight Roads.
Fintech co. Silot raises US$ 3 million in funding
Eight Roads belongs to Fidelity International. Arbor Ventures specializes in early-stage investments in start-ups.
The company previously as well has bagged an investment US$ 0.8 million from China’s Zhenfund. It was also the 1st investment by this fund in Southeast Asia. Thus, in a short lifetime, the company has already garnered investments from marquee name investors. As a result, the company is gaining a lot of publicity as well.
The company stated that it will use this funding in order to expand in south-east Asian countries like Malaysia, Thailand, Hong Kong. According to the co-founder of Arbor Ventures, Wei Hopeman, the company has a significant amount of knowledge regarding the market which it is catering. Also, it is providing end-to-end solutions to financial companies all over the world not just in Southeast Asia. The investor believes that in the changing financial environment, the company will be able to provide mobile payment integration as well as other similar services to various financial companies all around the world.
According to the founder of the company, Andy Li, the company is trying to create a cashless acquisition. With the help of this acquisition, it will not only provide payment solutions but also diversified financial solutions to its customers as well. Its customers are financial institutions which are trying to encourage the cashless transactions among the consumers.
The founder has previously worked with companies like Baidu and Kingsoft. The company currently has a development center in Beijing. Also, the financial institutions are investing heavily in such Fintech start-ups. The aim of the financial institutions is to invest in the digital space which can help them explore the garnered new customers. In addition to that, it will also help them in expanding business.
The total amount of investment and in the Fintech sector in Singapore alone was around SGD$ 84 mn. This was also validated by KPMG. As a result, it’s Fintech sector in Singapore is booming consistently.
In the coming few months, the Fintech space will surely see more traction in terms of investments as well as business activity. As a result, it will be easy for the Fintech sector to prosper in the Asian economy. With the increasing market size, the opportunities for the Fintech sector are plenty.