Netbank secures Series B led by Altara Ventures

By Parth Prabhudesai

Netbank has closed a Series B funding round led by Singapore-based Altara Ventures, underscoring growing investor interest in infrastructure-led FinTech models in the Philippines. While the company did not disclose the size of the round, existing investors including BeeNext, Kaya Founders, January Capital, Oak Drive Ventures, and Boleh Ventures participated, signalling continued confidence in the firm’s strategy.

The company said it will use the new capital to expand its core offerings across payments, lending, accounts, and card issuance, while also strengthening automation, risk management systems, and engineering capabilities.

Netbank positions itself as a “banking-as-a-service” provider, enabling FinTechs and digital platforms to offer regulated financial products through APIs. “In plain terms, we aim to be the bank in the background,” the company noted, highlighting its focus on handling compliance, licensing, and settlement complexities for its partners.

The timing of the raise is notable amid a broader slowdown in FinTech funding across Southeast Asia. Netbank reported an 88% year-on-year revenue growth in FY2025 and said it is operating profitably—an increasingly important factor for investors. Founder Gus Poston emphasised the structural gap in the market, stating that FinTech firms in the Philippines eventually “hit the same wall” when scaling without a responsive banking partner.

The Philippines continues to emerge as a key market for embedded finance. According to the Bangko Sentral ng Pilipinas, digital payments accounted for 52.8% of retail transaction volumes in 2023, up significantly from 20.1% in 2018. This rapid adoption is creating opportunities to integrate financial services such as credit, accounts, and disbursements into non-financial platforms.

With a large underserved population and strong MSME demand for financial tools, Netbank is aiming to monetise the infrastructure gap that continues to constrain FinTech growth in the country.