Singapore-headquartered Silot has netted $2.87m in its pre-Series A funding round from Arbor Ventures and Eight Road Ventures.
This capital injection comes nine months after the company’s Seed round, which was supplied by ZhenFund.
Silot is a banking platform that supports financial institutions and merchants with access payments, on-boarding, operations management and anti-fraud and AML services. The company’s Silot Payment Engine is a payments gateway that helps users accept a variety of transaction methods including cards and mobile.
Its solution its backed by blockchain technology, to help banks, partners and users to secure their data sharing and lower due diligence and KCY costs. Data collected by the banking platform can be used to identify loan opportunities and risks in SMEs.
Over the past year, Silot has expanded its banking platform to Thailand, and Malaysia, attracting partners like Krungsri Bank and Visa. Equity from the series will be used to support expansion in Thailand, Malaysia, Hong Kong and other markets in the region.
Arbor Ventures co-founder and managing partner Wei Hopeman said, “We believe Silot will play a leading role within the fast moving, dynamic development of mobile payments and new technology adoption in Southeast Asia, and potentially around the globe.”
Last month, Eight Road Ventures started raising its third vehicle, targeting $375m to support growing technology companies within enterprise, consumer, FinTech and healthcare IT services. The firm has already closed two deals this year, having recently taking part in the $28m round of data technology provider Duco.
Singapore’s FinTech sector was the fourth largest in Asia, last year, according to data by FinTech Global.
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