Singapore-based banking-as-a-service startup RootAnt, has announced it has closed a seed round gleaning US$1.46 million from investors. The round of funding was led by Linear Capital with participation from KZM & Company Group.
The fintech startup invests the fresh funds in strategies to widen its footprint in Singapore and expand to the rest of Southeast Asia and Japan.
RootAnt describes itself as “ a technology enabler of Banking as a Service, specializing in Embedded Financing for enterprises, connecting enterprises and financial institutions with new digital financial products for easier, cheaper, and faster financing services in various contexts.”
The startup’s product is timely as it meets the Singapore government agenda of digital banking-only while much small business struggles to make payments the traditional due to Covid-19 complications.
“The current economic climate requires innovation and customer-focused digital solutions that truly make a difference for a more sustainable economy. Through our digital and open banking technological capabilities for transaction banking, 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,” RootAnt Founder and CEO Lincoln Yin said.