The Finfra team
Finfra, a fintech company providing credit and financial services to businesses in Indonesia, has raised US$1 million in funding.
The investors are DSX Ventures, Seedstars International Ventures, Cento Ventures, Fintech Nation, FirstPick, BADideas Fund, and Hustle Fund.
Finfra plans to utilise the funds to expedite product development, expand its engineering, data, and finance teams, and grow to become a leader in the embedded lending industry.
The company was established in 2017 by Markus Prommik and Reinis Simanovskis as a consumer lending company under the name Danabijak. It later expanded its services to cater to businesses in 2021. Danabijak is now a subsidiary and remains profitable.
Finfra enables underbanked businesses and non-financial digital platforms to embed financial products and services, particularly credit lending, into their distribution channels. It offers a complete loan management system, scoring mechanisms, and portfolio analytics and facilitates access to debt capital.
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Indonesia’s internet economy has grown 10x since 2015, reaching US$77 billion in annual gross merchandise value. However, credit access remains limited for individuals and businesses, with only three per cent of Indonesians owning a credit card.
Finfra aims to tap into this opportunity by offering credit and financial services to existing customers, thereby bolstering user adoption, increasing per-customer spending, fostering deeper customer loyalty, and improving retention.
“Numerous platforms fail to acknowledge the untapped demand their sellers have for capital and the inherent difficulties in building these financial products in-house. Finfra is dedicated to resolving intricate infrastructure problems to enable platforms to optimise their support for sellers,” said Simanovskis.
Finfra anticipates that the support of the Indonesian Financial Services Authority (OJK), which aims to achieve a financial inclusion target of 90 per cent by 2024 (up from 75 per cent in 2019), will significantly contribute to its growth trajectory.
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