Smile API, an information infrastructure startup in the Philippines focused on employment and finance data, today announced a “significant” undisclosed funding from its new investor Afore Capital, a US$300 million US-based venture firm focused on pre-seed startup investing.
In a statement, the startup said it was the second seed round since its founding in April last year with CreditEase and Plug and Play as investors.
Anamitra Banerji, the Managing Partner at Afore Capital, said they invested in Smile API because of the progress the startup has made in a short time with its Application Programming Interface (API).
Claimed to be the first of its kind in the Asia Pacific, Smile API aims to enable broader financial inclusion by serving as a bridge between the public and financial institutions for financial data or source of income data. Smile’s major focus is on employment data of casual employees and freelancers, including gig workers.
Banerji pointed out that one of the main challenges in the local market in Southeast Asia is data, including banking and finance data, which lenders require before making credit decisions. Smile aims to bridge this gap by enabling people to get and use their employment data.
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Besides employment data, Smile’s digital platform also allows e-wallets, loans, insurances, digital bank accounts and many more applications to become available through a simple, white-labelled interface. At the same time, it keeps the end-user in full control of what data is shared and with whom.
Smile API CEO Jerome Eger, along with Smile Chief Product Officer Jan Alvin Pabellon, announced that the company had expanded its coverage to 40 million workers in the Philippines.
Its latest customers include local B2B logistics provider Tarana.ph and fintech startup Plentina.
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