AND Global, which provides a range of different financial solutions, has reportedly raised $2.8m in funding.
The burst of capital was supplied by Rhinos Asset Management, according to an article by e27. Following this investment, the company has raised a total of $15.3m, to date, having previously closed an IPO, angel and seed rounds, the article states.
The equity will be used to expand the customer base in Myanmar and the Philippines next year, the article said. Some of the proceeds will also be used to boost product development, with plans to launch its lending solution, LendMN on the cloud, the article reports.
Other future plans include the launching of P2P payments through Facebook Messenger and move into other markets like Indonesia.
The company is allegedly looking to acquire banking licenses in Myanmar and the Philippines.
AND Global builds a number of machine learning-powered financial solutions for the underbanked across Asia. Its solutions include micro-lending, instalment loans, digital wallets and payments.
Clients can use AND Global to access AI-based credit scoring, as well as lowering costs of onboarding, underwriting and risk. Other offerings include CRM dashboards, real-time business intelligence and insight tools, and a blockchain-based payment service.
Last month, China-based financial services provider 9F Group closed its Series E round of funding. Contributions came from SBI Holdings, as well as China Xinda Holdings, Focus Media chairman Jiang Nanchun, among others.
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