RootAnt, a banking-as-a-service startup based in Singapore, has closed a seed round of US$1.46 million with lead investor Linear Capital with participation from KZM & Company Group.
The fintech startup will use the money for expansion in Singapore, the rest of Southeast Asia and Japan.
RootAnt specialises in embedded financing for enterprises. It connects enterprises and financial institutions with new digital financial products for faster financing services.
This empowers banks and non-bank financial institutions to integrate more digital banking capabilities, including embedded financing to provide better customer experience.
With branches in China and Japan, RootAnt now aims to provide both anchor corporates and SMEs with new and enhanced solutions on its platform. This includes R&D for further development of BANCO Engine (banking as a service) and the multi-tier financing platform, to support businesses within supply chain ecosystems.
This year, RootAnt is also planning to launch several other financial solutions covering verticals such as SME Finance, Green Finance, Islamic Finance, and BANCO Chain (a trusted blockchain network for supply chain finance).
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