Numoni

Numoni, founded in Singapore in January 2012, operated as a financial technology company with a mission to enhance financial inclusion for underbanked populations across Southeast Asia. The company was established by Norma Sit, a former executive at Visa International who served as the CEO, leveraging her industry background to address a gap in the market.

The firm's core business centered on providing accessible micro-transaction services. Numoni developed and deployed ATM-like terminals, branded as 'Nugen', which enabled users to perform various financial activities without needing a traditional bank account. These terminals facilitated cash-based transactions such as cross-border remittances, local and international mobile airtime top-ups, bill payments, and micro-loan repayments. This service was particularly aimed at the significant foreign worker community in Singapore and other parts of the region.

To support its operations, Numoni secured a total of $4.76 million in funding over two rounds. A notable Series B round in August 2015 raised the majority of this capital, with investors including OWW Capital Partners and SPRING Singapore. The company expanded its presence from Singapore to include Malaysia, Indonesia, the Philippines, and Hong Kong. A significant milestone was the acquisition of a controlling stake in Maxbank, a thrift bank in the Philippines, in October 2014, which was intended to bolster its micro-loan capabilities. Despite these efforts and its initial expansion, corporate records indicate that the company has ceased operations and is now considered defunct.

Keywords: financial inclusion, underbanked, micro-transactions, fintech, Singapore, remittances, mobile top-up, bill payment, Norma Sit, Southeast Asia, Nugen terminals, cross-border payments, micro-loans, payment kiosks, migrant worker finance, digital wallet, OWW Capital Partners, cash-in solution, deadpooled, struck off