Finology Group (“Finology”), an Asia-Pacific fintech company that enables
embedded finance, announced the successful closing of a pre-Series A funding round of an undisclosed amount.
The round was led by Silverlake Group and featured participation from The Hive Southeast Asia, a recipient of the Dana Penjana Nasional programme under the purview of Penjana Kapital (a wholly owned subsidiary of Malaysia’s Ministry of Finance) and
Malaysian Technology Development Corporation (MTDC). The investors were attracted by Finology’s innovative approach to improving financial access through its lending and insurance API- driven solutions.
Founder & Group Executive Chairman of Silverlake Group, Goh Peng Ooi, shared, “Finology has a distinctive approach to advancing financial inclusion, providing cutting-edge clients with embedded finance solutions to maintain a competitive edge. The company’s vision and mission align with our shared goal of transforming the financial services industry. We are proud to support Finology as they solidify their position as a leader in the Asia-Pacific region.”
While Silverlake Axis Ltd Deputy CEO, Cassandra Goh added, “Silverlake, we make every effort to bring new financial ecosystem propositions, from user-centric applications to AI-driven solutions, to our customers. We pride ourselves in being in the forefront of providing innovative solutions and are pleased to announce our collaboration with Finology, and view this as another opportunity to deliver exciting products to financial services institutions.”
In unison, Dato’ Syed Haizam Jamalullail, Managing Director of The Hive Southeast Asia said, “We recognise the potential for long-term growth that Finology offers, and we are impressed by their technology, execution capabilities, and market potential. We are excited to explore existing synergies with our portfolio and collaborate with the team as they continue to expand and develop.”
Moreover, Taufiq Iskandar, CEO of Penjana Kapital, remarked, “We extend our heartfelt congratulations to Finology and are thrilled to witness The Hive Southeast Asia’s dedication to fostering financial inclusion through their investment in Finology. Finology makes financial products widely and easily accessible, opening financial services to more people than ever. Its collaboration with our partner
The Hive Southeast Asia perfectly aligns with Penjana Kapital’s core mission of nurturing innovation and driving economic growth through our strategic venture capital investment. We foresee a substantial and positive impact on both the industry and the
Additionally, Ts. Hj Mohammad Hazani Hj Hassan, Chief Executive Officer of MTDC shared, “Having invested and being a believer in the company’s growth potential in the past 6 years, Finology separates itself from other fintech through its unique distribution
and underwriting technologies. We’re very excited to be furthering our investment and look forward to supporting further product developments and regional growth.”
Meanwhile, the Group CEO and Co-Founder of Finology, Robin Ang, commented on the funding, saying, "Our mission is to bring financial inclusion to the APAC region through embedded finance. We are grateful for our partners’ trust and support as we work to improve our technology and make financial products accessible and seamless for everyone everywhere.”
Moving forward, Finology will continue to invest in enhancing its end-to-end lending and insurance suites of API-driven solutions through strategic collaborations, organic growth and regional expansion to ensure individuals and businesses have access to financial services – loans, credit and insurance — empowering individuals to enhance their financial wellbeing and for businesses to participate in the economic activity.