The central bank of the Philippines has officially resumed accepting applications for four more digital banking licenses in the country while Singapore-based SEEDS Capital and Wavemaker Partners have co-led the $5 million seed funding for New Zealand startup Mushroom Material.
PH central bank eyes 4 more digital lenders
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has lifted a moratorium on establishing digital banks in the country, with plans to accept four more digital lenders.
In a statement, the BSP said it will allow a maximum of 10 digital banks to operate in the country as part of the government’s efforts to promote financial inclusion and digital transformation.
BSP Governor Eli Remolona Jr earlier said there are already parties that have expressed interest in joining the digital banking sector and are just waiting for the application to open up again.
The Philippines currently has six digital banks—Tonik, Overseas Filipino Bank, Union Digital Bank, Uno Digital Bank, GoTyme Bank, and Maya Bank.
Wavemaker Partners, SEEDS Capital back $5m funding for Mushroom Material
New Zealand-based startup Mushroom Material has announced raising over $5 million in its seed funding round co-led by venture capital firm Wavemaker Partners and Singapore’s SEEDS Capital.
The startup, which manufactures sustainable and home compostable mushroom-based material that replaces polystyrene/ styrofoam packaging, said the round was also participated by Icehouse Ventures, K1W1, and Black Kite Capital.
Founded in 2020 by Shaun Seaman and Jotinder Singh, Mushroom Material has developed a process to grow millions of fungi-based pellets, which are then coated in a binding agent, allowing them to be shaped into customised packaging solutions.
Seaman stressed that the company aims to scale its technology to meet global demand for eco-friendly packaging. Mushroom Material said over 200 companies have already agreed to purchase its product.
The fresh funding is being used to establish a 1,300-sqm pilot plant in Auckland’s Mount Roskill in New Zealand. The startup plans to start delivering orders to existing customers in 2025, addressing the growing global demand for eco-friendly packaging.
