Singapore-headquartered fintech startup C88 Financial Technologies Group has secured a $28-million Series C round led by global information services provider Experian, it said in an announcement on Monday.

“In Southeast Asia, as little as 48 percent of more than 600 million people have access to a bank account.  Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money; significant barriers towards social and economic progress.

“Experian has been working closely with financial institutions and start-ups across Asia, including C88, to progress this,” said Experian Asia Pacific CEO Ben Elliott.  C88 owns and operates licensed financial marketplaces for consumers in the small and medium businesses segment – in Indonesia and in the Philippines.  It will be expanding its operations to Thailand.

“We are immensely proud to have closed one of the largest Series C fintech rounds in Southeast Asia, particularly from investors who share our vision of empowering consumers and driving financial inclusion in the region. There are over 350 million consumers in Indonesia and Philippines alone. We’re confident that we can drive a positive impact in our societies and communities by unlocking previously inaccessible financial products and services,” said C88 co-founder and CEO John Patrick Ellis.

Source: Deal Street Asia