OOjiBO pockets $3.6m to expand financial inclusion efforts

Financial inclusion-focused payments startup OOjiBO has raised $3.6m in a Pre-Series A round led by Centurion Private Equity.

The Singapore-based company focuses on South-East Asia where it claims more than 50% of the population lack access to even basic financial services.

OOjiBO was founded in late 2014 and aims to offer a full-stack retail banking experience through smartphones as well as basic feature phones.

The services it aims to offer the region include P2P transfers, retail and e-commerce payment, remittances as well as accounts with interest, debit and credit card virtualisation and phone top ups.

One OOjiBO’s key strategies for expansion is its network of more than 1,200 agents who can introduce the service to more isolated regions where banking needs are not met.

The company claims it has facilitated 250,000 transactions since August 2016.

OOjiBO is currently operational in Myanmar and will use the new capital to expand into Thailand and Indonesia.

It will begin to offer cross-border payments between the regions it’s present in.

Centurion’s director Wong Kok Hoe will join the firm’s board as a result of the deal.

Copyright © 2017 FINTECH GLOBAL

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