Business credit

Filipino Fintech Startup Raises $5.1M in Funding Led by Openspace Ventures

Philippine fintech startup Lista has raised approximately $5.1m in a Series A funding round led by Singapore-based Openspace Ventures, an early backer of Indonesian Gojek and the Manila-based social media site Kumu, 30 Under 30 Asia winner Rexy Josh Dorado.

The round included existing investors 1982 Ventures, East Ventures (whose portfolio includes Southeast Asian online travel giant Traveloka, Indonesian fintech unicorn Xendit and Indonesian e-commerce company Tokopedia – which merged with Gojek last year to form GoTo Group) and Saison Capital, the capital subsidiary of Japanese credit card company Credit Saison. Kumu co-founders Dorado and Roland Ros, among others, joined the round as angel investors.

“We are grateful for the trust these investors have placed, not only in us, but in the vast potential of the rapidly developing fintech industry in the Philippines,” Lista co-founder and CEO Aaron Villegas said in a statement. In February, PayMongo, another Filipino fintech startup, raised $31 million in Series B funding from investors including Tinder co-founder Justin Mateen’s JAM Fund and Philippine venture capital firms ICCP SBI Venture Partners. and Kaya Founders, which is led by Lisa Gokongwei, a member of the billionaire family that controls conglomerate JG Summit.

“We continue to grow organically at a very accelerated pace, but we are also looking for opportunities beyond what we do. We have a very aggressive pipeline,” Villegas added.

Villegas co-founded Lista with Khriz Lim in September 2021. The startup claims to have had over a million downloads since its launch.

Lista said the new funds will be used to expand beyond business management tools and develop personal finance-specific products for individual users. “About 30% of our user base are Filipinos who don’t have a business but want to take charge of their personal finances,” Lim said. “They monitor their salary, bill payments and even their savings using Lista. We believe this is a category with great growth potential for us.