JAKARTA (TheInsiderStories) — Finantier, has received funding from United States accelerator Y Combinator, said the Indonesia’ open finance startup today, without mentioned the funding number. The company would be joining its Winter 2021 batch and begin the program beginning next year.
The financial technology (FinTech) firm had previously raised a pre-seed round from several prominent investors, including East Ventures, AC Ventures, and Genesia Ventures. The startup also brought on-board prominent US investor Two Culture Capital.
Since raising its pre-seed round, Finantier has managed to onboard 20+ clients as part of its beta program. By taking raw data, enriching it from multiple sources and applying machine learning, the startup is able to provide actionable insights. Such insights have been a huge draw as companies are then able to use this information to facilitate credit scoring and perform a more thorough KYC process.
Diego Rojas, Keng Low, and Edwin Kusuma founded the tech firm earlier of this year to provide the infrastructure and data products required by businesses to build the next generation of financial services. The startup enables digital platforms to securely work in collaboration with financial institutions to create seamless and personalized experiences for consumers, who can benefit from their data.
Rojas is a former CTO of multiple startups in Singapore and other countries. As a software engineer, he has more than a decade of experience building FinTech products for companies in the USA (LendingClub), China (Dianrong), and Southeast Asia. And Low, formerly a software engineer in Silicon Valley, has worked in recent years with several startups in technical development and product management across Southeast Asia.
He was also previously the Entrepreneur in Residence at East Ventures, where he worked closely with the firm’s partners and portfolio companies. While, Edwin is an ex-Googler. Previously, he was sitting in C-level positions for several fintech companies in the P2P lending space in Indonesia.
By partnering with Y Combinator and Two Culture Capital, said Rojas, Finantier eyes an expansion into other emerging markets beyond Southeast Asia. As its platform grows, it aims to develop specific solutions adapted to each country.
In addition, 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. He continued, there is a huge gap in access to financial services, FinTech loans, and digital transactions between regions in Java, the most populous island, with the other islands in the archipelago.
By the mid 2020, there are more than 450 licensed FinTech companies in Indonesia with around 40 percent of them being P2P lending firms. The Silicon Valley-based Y Combinator has been the seed accelerator for household names including Airbnb, DoorDash, Stripe, and Dropbox.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
