LISTA Technologies Pte. Ltd., which operates a financial management platform for small business owners and individuals in the Philippines, announced on Tuesday that it had raised more than $5.1 million in its latest fund-raising round to accelerate the expansion of its services.

This milestone shows that “investors are recognizing the Philippines as a top location for potential investments,” the startup said in an e-mailed statement.

“Lista is planning to expand beyond business management tools and further develop products for personal finances,” it added.

The fund-raising round was led by Singapore-based venture capital firm Openspace Ventures, the early backer of GoTo (Gojek) and Kumu Philippines.

Lista’s existing investors East Ventures, Saison Capital, and 1982 Ventures also participated in the round.

Its new investors include Stephen CuUnjieng, former chairman and chief executive officer (CEO) of Evercore Asia; Aurelien Pichon (Google), Roland Ros (Kumu CEO), and Rexy Dorado (Kumu president).

“About 30% of our user base are Filipinos who do not have any business but want to take charge of their personal finance. They monitor their salary, bills payment, and even savings using Lista,” Lista Co-Founder Khriz T. Lim said.

“We think this is a category that holds a lot of growth potential for us,” she added.

Lista said it has over one million downloads since it was launched in September last year. It aims to help local merchants and individuals better manage, save, and grow their finances through a software that “offers transparency and greater control.

The application, Lista also said, allows both merchants and individuals to conveniently track the flow of money in and out, and see their profits and savings in real time.

“They can record debts and use Lista to help collect receivables with its built-in SMS notification feature that automatically reminds borrowers of due dates,” it added.

The startup aspires to triple in size and expand its product offerings.

“The additional funding will also be used to fill additional key roles including product and engineering especially as the startup is looking into launching new verticals this year,” Ms. Lim said.

Lista hopes to go beyond financial management and launch more financial services, including payments and credit, as well as provide financial services to the country’s underserved citizens. — Arjay L. Balinbin