Neobank Lucy, a fintech company that supports women entrepreneurs, announced that it has just raised S$500,000 (US$365,787) in an all-women pre-seed round. This brings the total capital it has raised to over S$1 million (US$731,575).
The 18 participating women investors come from the UK, the US, Singapore, Somalia, Mexico, India, Indonesia, Hong Kong, the Netherlands, Australia, New Zealand, Vietnam, and Germany.
Lucy will be officially launched in early 2021 in Singapore. It will provide users with financial services and integrated peer/mentor support networks.
The initial founder funding came from Lucy CEO Debbie Watkins, who is the former managing director of Fern Software in Asia Pacific, Middle East, and Africa. Also part of the round were Hal Bosher, ex-CEO of Yoma Bank and chairman of Wave Money, and Luke Janssen, founder and former CEO of Tigerspike, as well as the Savearth fund.
By leveraging machine learning and data analytics, Lucy said its app would truly “know” its customers, allowing it to say yes to requests that traditional banks would reject.
This capability will enable donors and investors to distribute and track grants and loans, and see female entrepreneurs find an easy way to sign up for and access the financial solutions they need to start and grow their businesses.
Lucy’s services will range from safekeeping and savings to remittances and credit.
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