Singapore-based RootAnt, which develops banking-as-a-service technology, has closed it seed round on $1.46m.
The investment was led by Linear Capital and supported by KZM & Company.
Funds from this investment will be used to support the expansion of the platform in Singapore, as well as other parts of Southeast Asia and Japan.
The company also plans to increase the research and development of its technology stack and its multi-tier financing service.
RootAnt empowers financial institutions and corporates to incorporation banking-as-a-service features to create their own digital financial products for cheaper. Its technology supports trade finance, supply chain management, foreign exchange, payments and cash and liquidity management.
RootAnt CEO and founder Lincoln Yin said,“ We aim to address the financial challenges faced by businesses caused by COVID-19, and also to create avenues for business sustainability, growth and continuity.
“The current economic climate requires innovation and customer-focused digital solutions that truly make a difference for a more sustainable economy. Through our digital and open banking technological capabilities for transaction banking, we aim to become a key player in this industry to continue supporting businesses with their financing demands as they recover from the impact of COVID-19.”
Linear Capital has participated in a handful of FinTech fundraises this year. The firm recently contributed to the $8.2m round of digital insurance platform Igloo and the $15m Series A investment of global payments management company Neat.
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