Finantier CEO Diego Rojas (left) and CPO Keng Low
Indonesia-based fintech startup Finantier announced today it has received an undisclosed amount in funding from Y Combinator, the accelerator programme behind household names such as Airbnb, DoorDash, Stripe and Dropbox.
The firm will be joining the accelerator’s Winter 2021 (W21) batch, beginning next year.
With this financing, Finantier seeks to expand its technology team and continue to grow its product offerings.
Finantier had previously raised a pre-seed round from investors including East Ventures, AC Ventures, and US-based Two Culture Capital.
“Y Combinator is a unique opportunity for Finantier to accelerate growth with the help of world-class mentors, connect to some of the top early-stage investors and build strategic partnerships for our future expansion plans,” said Diego Rojas, CEO of Finantier.
By partnering with Y Combinator and Two Culture Capital, Finantier shared it is eyeing an expansion into other emerging markets beyond Southeast Asia.
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Rojas, Keng Low, and Edwin Kusuma founded Finantier earlier this year to provide the infrastructure and data products required by businesses to build the next generation of financial services.
The startup aims to enable digital platforms to securely work in collaboration with financial institutions to create “seamless and personalised” experiences for consumers, who can benefit from their data.
Finantier currently offers an API and infrastructure that powers other fintech products, accelerating time to market and reducing costs for businesses while delivering solutions for consumers to ensure both can benefit from its Open Finance ecosystem. It remarked it is the first company in Indonesia to provide such features.
Since raising its pre-seed round, Finantier claims it has managed to onboard more than 20 clients as part of its beta programme.
“We leverage on the digital footprint of consumers and businesses to enable them to securely access tailored financial services that improve their financial wellbeing,” adds Low.
Willson Cuaca, Co-founder and Managing Partner of East Ventures notes that Finantier helps to address the needs of roughly 139 million adults in Indonesia who are underbanked or unbanked.
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According to East Ventures Digital Competitiveness Index 2020, which maps digital economic development across Indonesia, financial inclusion is where the largest divide was found.
“Providing equal access to financial services will create multiplier effects to the Indonesian economy. Currently, hundreds of companies work with their own unique solutions to bring financial services to more people. We believe Finantier will help them to offer more products and services to this underserved section of the population,” said Cuaca.
By mid-2020, there are more than 450 licensed fintech companies in Indonesia with around 40 per cent of them being P2P lending firms.
“Fintech lenders are frequently unable to extend loans to consumers and businesses. This is due to incomplete information, or the inability of fintechs to obtain the full financial picture of a borrower to de-risk their operations and reduce costs,” said Edwin Kusuma, COO of Finantier.
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Image Credit: Finantier
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