The cost of payments, lending and money transfers remains exceedingly high in many rural parts of the world. Manila-based Higala makes back-end software that helps banks in the Philippines lower the cost of processing payments and other financial transactions.
Its customers include Rizal Microbank, a savings bank based in coastal Davao City that caters to underbanked individuals, Guagua Rural Bank and Rural Bank of Cadiz. It’s also partnering with the Rizal Commercial Banking Corp. to extend access to its digital payments software to small financial institutions.
The year-old company raised a $2.8 million seed round backed by Talino Venture Studios, an inclusive fintech-focused VC based in Los Angeles, and Singapore’s 1982 Ventures.
Inclusive fintech
Separately, in India, financial infrastructure firm Navadhan raised 1.1 billion rupees ($12.9 million) in Series A financing to increase access to credit in rural communities. The company makes software for mainstream banks and other financial institutions to provide working capital loans to rural micro and small businesses.
The round was led by NabVentures, the venture capital arm of India’s National Bank for Agriculture and Rural Development.
Singapore-based fintech venture Funding Societies, meanwhile, closed a new round of funding from venture capital firm Gobi Ventures to expand access to credit to small businesses in Singapore, Indonesia, Thailand, Malaysia and Vietnam.
