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Robocash to Become a Digital Bank in the Philippines

  • Robocash Group is aiming to raise $5 million before it makes an initial public offering.
  • KTM Capital and Foster Stockbroking, headquartered in Australia, handled the pre-IPO round and will be on board again for the expected IPO at the end of the year at the Australian Stock Exchange.
  • The firm said its planned Una Bank, which will be geared towards digital banking, will be completely in-house.
  • Visit The Financial Today’s homepage for more stories.

Robocash Group is aiming to raise $5 million before it makes an initial public offering as it seeks to start a digital bank in the country.

“To start activities by September 2020, the group is now raising $5 million to be used as regulatory capital for a Philippine banking license,” Robocash announced in a statement on Thursday.

KTM Capital and Foster Stockbroking, headquartered in Australia, handled the pre-IPO round and will be on board again for the expected IPO at the end of the year at the Australian Stock Exchange.

“We have chosen the ASX because it welcomes fintech companies and, at the same time, it will allow us to feel confident there with our size of business,” Robocash said in an e-mail.

Robocash is looking to raise $70 million that could be allocated for setting up a digital bank in the Philippines and expanding in other Asian markets. It said fundraising could imply more than $340 million in post-money market capitalization.

The firm said its planned Una Bank, which will be geared towards digital banking, will be completely in-house. It aims to roll out an all-digital application process and have cards delivered via courier.

“With Una Bank, we aspire to provide the fastest and the most convenient access to a debit and credit card,” Robocash said.

“We expect to have 40,000 active cardholders in a few months after our online bank goes live in the Philippines,” Robocash Group Founder and CEO Sergey Sedov was quoted as saying in the statement.

Robocash is a Russian loan provider that ventured into the Southeast Asian market via its Philippine launch in 2017. Golden Legacy Financing Corp. acted as its central lending partner.

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