Singapore-based Finantier closed a seed funding round oversubscribed at more than 20 times its seed value.
Finantier plans to strengthen its presence in Indonesia and Southeast Asia after raising seven figures in seed funding during a funding round led by Global Founders Capital and East Ventures, he said on Wednesday.
Founded in 2020, fintech provides an application programming interface (API) platform for financial institutions to access and analyze consumer financial data. The new funds will also be used to develop and improve its product offerings and to double the size of its team.
Southeast Asia’s large unbanked population presents challenges for financial institutions that do not have access to consumers’ financial data, preventing them from providing financial services such as payments, loans and insurance , among others, explained Finantier.
To solve this problem, the company is working with more than 150 companies to aggregate data from alternative sources to give its customers access to a more complete range of data sets and enable the unbanked population to benefit from its digital footprint.
Finantier’s customers and partnerships grew more than 50% monthly in 2021, while its team quintupled to 50 employees, the company said.
More personalized services
Open finance is an extension of the principles of open banking data sharing to enable third-party vendors to access customer data across a wider range of financial industries and products, including savings and investments.
“With open finance facilitating the open exchange of consumer data, businesses can leverage it to reach more customers while creating more personalized financial services. ” Diego Rojas, said the co-founder and CEO of Finantier.
Wealth of experience
Rojas previously worked closely with the co-founders of NYSE listed LendingClub and was the technical lead of the founding team of the Chinese online lending market supported by GIC Dianrong.
COO Edwin Kusuma was previously at Google and was also a former CEO of P2P loan company 360Kredi and COO at Kredinesia, while CPO Keng down was the technical lead of a payments startup in Silicon Valley and previously Entrepreneur in Residence at East Ventures.