Philippines: Netbank, the Banking as a Service Platform, Finalizes Series A Round

Netbank, the Filipino banking as a service platform, is pleased to announce the successful completion of its Series A investment round.

The investment round was led by Beenext, a prominent regional venture capital firm, with participation from leading Filipino investors: Kaya Founders and Oak Drive Ventures Inc. and individual investors.

Netbank’s mission is to ‘work through partnerships, to provide invisible financial services’ in the Philippines, partnering with Fintech to provide banking services on a white-labelled basis. It books loans to the end clients of Fintech, it opens accounts for the clients of Fintech, it operates payment services for Fintech and corporates.

Netbank has experienced steady growth “since its inception, disrupting the traditional banking landscape by offering a comprehensive suite of banking as a service offerings designed to accelerate the growth of new economy Fintech.”

The bank’s partnership based business processes, user-friendly interfaces, advanced security features, and seamless integration via APIs “have garnered a loyal customer base and industry recognition.”

Netbank has “seen its assets grow 1,600% since the start of 2022, to reach P1bn ($18m). It reached profitability in March 2023.”

Gus Poston, Co-founder of Netbank, said:

“We are thrilled to have closed our Series A funding round with such strong support from a distinguished group of investors. This investment is a testament to the dedication and hard work of our team as we strive to redefine the Filipino banking industry. With this capital infusion, we are strongly capitalised and ready to expand our lending to more segments of the Filipino new economy.”

Dirk van Quaquebeke, Managing Partner at Beenext, said:

“We are deeply impressed by the high capital efficiency and innovation index of the team at Netbank. Netbank’s approach as a wholesale led neo bank, coupled with their deep understanding of customer needs, positions them as a uniquely differentiated service to a novel fast growing customer segment in the Filipino banking market. We are excited to support their growth.”

The successful completion of the Series A funding round “marks a significant milestone for Netbank as it embarks on its next phase of expansion and product development.”

These funds will “allow the company to launch payments, accounts and lending solutions for lenders, eCommerce platforms, payment companies and corporates.”

The company remains committed “to providing secure, efficient, and customer-centric banking solutions that allow Fintech to reach more individuals and businesses with efficient banking services.”

As noted in the update, Netbank (a Rural Bank), Inc. claims it is “the first banking as a service platform in Southeast Asia operating on a full banking license.”

It provides banking services, “on a fully white-labelled basis, so that Filipino Fintechs can grow fast and reduce their costs, thus accelerating financial inclusion and innovation.”

It reportedly “provides simple, creative, low cost solutions so partners can open accounts, offer loans and manage payments.”

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