Philippine banking software firm Netbank closes series A funding

Philippine-based fintech firm Netbank has raised an undisclosed amount in a series A funding round led by Beenext, with Kaya Founders and Oak Drive Ventures participating.

Founded by Gus Poston and David Paulo Dela Paz in 2019, Netbank claims to be the first banking-as-a-service platform of its kind in Southeast Asia. It offers businesses a range of services that simplify opening accounts, managing payments, and handling SME loans through partnerships with financial institutions.

The company said it turned profitable in March, claiming that its deposits have grown by 14x, loans by 5.5x, and assets by 16x within the past 12 months.

This series A raise is Netbank’s first VC-backed round, according to Poston.

Poston said Netbank’s growth has been driven by the Philippines’ underdeveloped SME lending market. “The level of SME lending as a percentage of GDP in the Philippines is approximately 3%, versus 37% in Thailand,” he tells Tech in Asia. 

The executive attributes this to the high level of risk aversion within banks in the country, and the technical challenges of onboarding new clients.

The company said it currently has around 20 different financial solutions in the pipeline. In the long term, it also wants to expand outside the Philippines.

We give fintechs a total toolkit, so they can focus on their clients and their growth. The same tools allow non-bank networks (pawnshops, MFIs, employers, insurers) to offer complete banking services to their clients. We are excited by seeing other organizations succeed.

Our goal is to allow Filipinos to get safe and reliable banking from the channels and institutions they already trust.

Netbank.ph
+6328708-7087
support@netbank.ph

This Press Release has also been published on VRITIMES