BANK-GENIE PTE. LIMITED
Who is our client
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.
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 we fund this project
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.
Environmental and social rationale
Bank Genie operates in the financial sector and provides services to banks and financial institutions, posing a low, category C, E&S risk.
- Infrastructure, Manufacturing and Services
- Signing date
- Total FMO financing
- USD 1.42 MLN
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)