Finology Group, a fintech company specialising in embedded finance, has concluded a pre-Series A funding round of undisclosed value. This funding round was spearheaded by Silverlake Group and included participation from The Hive Southeast Asia, a beneficiary of the Dana Penjana Nasional program overseen by Penjana Kapital (a wholly-owned subsidiary of Malaysia’s Ministry of Finance), as well as the Malaysian Technology Development Corporation (MTDC).
These investors were drawn to Finology’s innovative approach, which enhances financial access through its API-driven lending and insurance solutions.
Goh Peng Ooi, founder & group executive chairman of Silverlake Group, expressed his enthusiasm, saying, “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.”
Cassandra Goh, deputy CEO of Silverlake Axis Ltd, added, “In 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 at the forefront of providing innovative solutions and are pleased to announce our collaboration with Finology, viewing it as another opportunity to deliver exciting products to financial services institutions.”
Dato’ Syed Haizam Jamalullail, managing director of The Hive Southeast Asia, shared their perspective, stating, “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.”
Taufiq Iskandar, CEO of Penjana Kapital, congratulated Finology and praised The Hive Southeast Asia’s dedication to fostering financial inclusion through their investment. He highlighted Finology’s contribution in making financial products more accessible, aligning with Penjana Kapital’s mission of nurturing innovation and driving economic growth through strategic venture capital investment.
Mohammad Hazani Hj Hassan, CEO of MTDC, emphasised that Finology’s unique distribution and underwriting technologies set it apart from other fintech companies. MTDC looks forward to further supporting Finology’s product developments and regional growth, having already invested in the company’s growth potential over the past six years.
Robin Ang, group CEO and co-founder of Finology, expressed gratitude for the trust and support of their partners as they work toward improving technology and making financial products accessible and seamless across the Asia-Pacific region through embedded finance.
Advancing Financial Access with Embedded Finance
Despite the presence of technology and financial resources, a significant gap still exists between financial services and end consumers. A study conducted by Google, Temasek, and Bain & Company revealed that over 70% of the world’s adult population remains unbanked or underbanked, with limited access to financial services.
Recognising this issue, Finology aims to bridge the gap by integrating financial products and services into non-traditional platforms through embedded finance. The company plans to offer its solutions to financial institutions and consumer-facing brands in the APAC market, thereby increasing financial inclusion and supporting the underbanked, addressing issues such as a lack of credit history and difficulties in accessing traditional banking products.
For instance, embedded finance can prove invaluable for first-time homebuyers facing challenges in securing favorable loan rates due to limited credit visibility. The lack of visibility can also lead to property booking cancellations for developers and agencies. By providing loan pre-approval embedded in the home-buying process, both buyers and sellers gain visibility into loan eligibility at an early stage, saving time for both parties and aiding financial inclusion.
Embedded finance represents a transformative shift in how financial products become available to consumers. Finology has identified the potential of this solution to revolutionize the lending and insurance landscape, expanding its offerings to encompass a wide range of products, including mortgages, personal loans, hire purchases, and insurance. As a leading player in the fintech sector, Finology believes that embedded finance holds the key to accelerating financial inclusion and is dedicated to leveraging this technology to drive innovation and growth in the market.
In the future, 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. The goal is to ensure that individuals and businesses have access to financial services such as loans, credit, and insurance, empowering individuals to improve their financial well-being and enabling businesses to participate more fully in economic activities.
