BANK-GENIE PTE. LIMITED
Status: Approved investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Bank Genie is a fintech start-up based in Singapore with their R&D- and back office in India. Founded in 2016, the Company develops software systems for banks and other financial institutions. They currently have operations in various African countries like Kenya, Sierra Leone, Ghana and Asian countries like Philippines, Myanmar, and Kazakhstan. Bank Genie’s software solution allows financial institutions to open virtual retail branches, offering a full range of banking services, without the need for a brick and mortar branch.
What is our funding objective?
FMO has initially invested in the Company in 2017, topping up its commitment in 2019, via the SBI Emerging Asia Financial Sector Fund, to help finance the Company’s growth. In 2020 FMO transferred its stake, becoming a direct shareholder in Bank Genie.
Why do we fund this investment?
Bank Genie supports the digital transformation of banks and financial institutions in developing countries, allowing them to expand their services to more consumers at lesser costs.
What is the Environmental and Social categorization rationale?
Bank Genie operates in the financial sector and provides services to banks and financial institutions, posing a low, category C, E&S risk.
- Country
- Singapore
- Sector
- Infrastructure, Manufacturing and Services
- Effective date
- 5/11/2020
- Total FMO financing
- USD 1.42 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C