Silot plans to use the new funding to support its expansion in Thailand, Malaysia, Hong Kong, and other markets in the region

Singapore-based fintech startup Silot today announced that it has raised a “multi-million” US Dollar pre-Series A funding round by Arbor Ventures and Eight Roads Ventures.

The funding round followed an undisclosed seed funding round the startup raised from Zhen Fund last year.

Silot plans to use the funding mainly to support its expansion in Thailand, Malaysia, Hong Kong and other markets in the region.

In a press statement, Silot CEO and Founder Andy Li said that “the wealth of network and industry know-how” of its new investors will give the startup’s growth and tech development a “cutting edge.”

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Silot provides a one-stop banking platform that connects the silos of payments, on-boarding, operations, and anti-fraud/anti-money-laundering (AF/AML) process.

Less than a year since its launch, Silot has expanded its services to Thailand and Malaysia, naming Krungsri Bank and Visa as partners.

The startup was also one of the 30 startups participating in the Unilever Foundry programme in October 2017.

Prior to founding Silot, Li headed global expansion for companies such as Baidu, Sohu, SEA Group and Kingsoft.

Investors Arbor Ventures is a fintech-focussed venture fund focussing in Asia, while Eight Roads Ventures is the proprietary investment arm of Fidelity International Limited.

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