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Online Payments

Singaporean digital payments company raises USD 4.7 mln

Wednesday 12 August 2015 | 10:25 AM CET

Singapore-based digital payments company Numoni has raised USD 4.76 million in a series B round to bring digital payments to unbanked.

Numoni was founded in 2012 to enable cashless payment methods for unbanked populations. Its prime offering is Nugen, an ATM-like terminal that allows the user to remit money abroad, pay bills, receive funds, top up phone airtime, and more. Since 2012, Numoni has expanded from Singapore to Malaysia, Indonesia, the Philippines, and Hong Kong. In October 2014, it acquired a controlling stake in Maxbank, a thrift bank in the Philippines.

Numoni has so far kept development in Singapore, but as it bolsters its presence in other markets, it will spread around some of its development resources in Malaysia and the Philippines.

More: Link
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