Singapore-based Bank-Genie is grabbing eyeballs by helping banks open branches in remote locations for just $150
- ByStartupStory | May 3, 2022
Bank-Genie,a Singapore-based startup with its unique offering of enabling banks to set up branches in remote locations for just $150 is earning the media limelight. Ram Sharma, a permanent resident in Singapore, set up a fintech startup in 2016.The startup was birthed after Sharma had to travel about 100 km to find an ATM during a road trip.
According to the Today tabloid, Bank-Genie develops digital solutions that enable banks to overcome the prohibitive costs of setting up branches in remote areas and make banking accessible to unbanked populations. In the year 2017, the startup managed to secure an undisclosed amount in a Series A funding backed by two key institutional investors: the Dutch development bank FMO and SBI Holdings Group.
Bank-Genie, within 5 years has scaled up its operations and now enjoys a presence in Central Asian countries, including Kyrgyzstan, Uzbekistan, and Kazakhstan.The fintech startup has also acquired over 30 client banks and financial institutions across Southeast Asia and Africa, with 13 banks in the Philippines alone.
Bank-Genie now has over 40 staff globally and has earned revenues to the tune of $3.1 million for the financial year ending March 2022, up from $840,000 during the last financial year.
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