Lucy, which is a neo bank designed aimed at women, has reportedly raised SGD 500,000 ($360,000) in a pre-seed funding round.
The round was entirely backed by women investors based in the UK, US, Singapore, Somalia, Mexico, India, Indonesia, Hong Kong, the Netherlands, Australia, New Zealand, Vietnam and Germany, according to a report from Tech in Asia.
Lucy, which is based in Singapore, will officially launch in the country in early 2021, the article said.
The mobile-based app is designed to give women entrepreneurs with tools to manage their finances, with tools including a fee-free account, debit card, no-interest salary advances, loan management, flexible credit, international transfers and savings.
It will also offer customers peer and mentor support.
With the round close, the company has raised a total of $731,575 in funding.
Lucy CEO Debbie Watkins told Tech in Asia, “One of the reasons that women-owned firms are smaller than men-owned ones is that they often get turned down for credit. For example, many small business lenders require collateral, and in many countries, the household collateral, especially land, is in the husband’s name.”
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