Hong Kong-based private equity firm EmergeVest has invested into Lucy, the world’s first neobank aimed at women entrepreneurs.
This investment values the FinTech at more than $10m, the company told AltAssets.
The investment came through a seed round, which will help Lucy to increase development of its technology and grow its Singapore-based team.
Additionally, capital will be used to support the impending launch of its maiden product.
Lucy was founded to help women set up, run and grow their businesses though affordable financial services. Its features boast fee-free accounts with Mastercard, no-interest salary advances, savings accounts, loan management and low-cost remittances.
The FinTech company also offers a community-based platform to help people connect with their peers and mentors for inspiration.
The banking app is initially focusing on two underserved groups of  women entrepreneurs. The first are home-based businesspersons or women with a “side hustleâ€.
Its second target segment are domestic helpers, many of which run small businesses in their home countries. This second segment will help Lucy grow in neighbouring countries, including Indonesia, the Philippines and Myanmar.
As part of the deal, EmergeVest’ Jessica Bruser will join the Lucy board of directors.
Bruser said, “We are delighted to partner with Debbie and the Lucy team on their journey to provide financial services and opportunities for women entrepreneurs. EmergeVest is passionate about making a positive impact through our investments and we are excited to be a part of Lucy’s story.â€
Prior to this investment, Lucy raised an all-women pre-seed funding round in September 2020.
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