Banking-as-a-Service Startup to Expand in Singapore

Singapore-headquartered fintech RootAnt has raised $1.46 million in a seed investment round, led by Linear Capital and co-investor KZM Group.

The funds will be used for expansion in Singapore, the rest of Southeast Asia, and Japan, with an aim to provide both anchor corporates and SMEs with new and enhanced solutions on its platform, as well as R&D and the development of its multi-tier financing platform the startup announced on Thursday.

RootAnt operates a cloud transaction banking engine and specializes in embedded financing for enterprises, connecting financial institutions with new tech solutions, data sources, enterprise systems, blockchain networks, and business partner platforms.

The company said it is also planning to launch other financial solutions this year that will cover verticals such as SME finance, green finance, Islamic finance, and supply chain finance.

The entry of digital-only banks into the market, along with increased challenges among SMEs to make payments while ensuring healthy liquidity has prompted a need for more innovative and relevant digital banking solutions has become a priority.

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, Lincoln Yin, RootAnt CEO and founder, said about the seed funding.

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, Yin added.