The Finfra team
Indonesia-based lending infrastructure firm Finfra has received US$2.5 million in a funding round led by Cento Ventures.
Accion Venture Lab, Z Venture Capital, Matiss Ansviesulis (founder of Avafin), and existing investors also participated.
The company will use the new funds to expand onboarding capabilities for customers and target profitability. Additionally, Finfra plans to enhance its data analytics, scoring, and risk assessment products.
Additionally, the fintech firm has announced a partnership with Tyme Group, the multi-country digital banking group behind TymeBank in South Africa and GoTyme Bank in the Philippines. It aims to support Tyme’s expansion into Indonesia as part of its broader Southeast Asia growth strategy following its launches in the Philippines and Vietnam. Tyme can leverage Finfra’s platform to scale its embedded lending solutions, such as merchant cash advances.
Also Read: Finfra bags US$1M to provide embedded lending services to Indonesian businesses
“Southeast Asia is a central part of Tyme Group’s growth strategy, and Indonesia has long been a goal for our Group. Partnering with Finfra allows us to tap into Indonesia’s immense SME segment by leveraging its robust embedded lending infrastructure and network within digital platforms. This collaboration not only accelerates our mission of driving financial access but also enables us to offer innovative lending solutions to a broader audience of businesses and consumers in the region at an unprecedented speed,” Coen Jonker, Executive Chairman at Tyme Group, said.
Founded in 2022, Finfra allows non-financial platforms to integrate lending and unlock new revenue streams easily. Its comprehensive, API-driven infrastructure offers a full loan management system, scoring, portfolio analytics, and access to debt capital while ensuring regulatory compliance through its licensed affiliate.
The company has raised US$4.3 million in funding so far, including US$1 million from DSX Ventures, Seedstars, Cento Ventures, Fintech Nation, FirstPick, BADideas Fund, and Hustle Fund in June 2023.
. Since its last raise, Finfra claims to have doubled its client base and expects to more than double its quarterly gross profit in Q4 2024 compared to Q4 2023. The firm claims it recently facilitated over US$65 million in credit to underserved Indonesian businesses and business owners.
Indonesia, the largest economy in Southeast Asia, boasts a vibrant SME sector that is rapidly digitalising. By the end of the year, 24 million micro, small, and medium-sized enterprises (MSMEs) are expected to be online or using digital services out of the country’s total 64 million. The government aims to accelerate this transformation, targeting 30 million digitalised businesses by 2025.
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