Finantier Gets Initial Funding, Presents API Services for Financial Business

Finantier is a service development startup open finance, enabling financial companies to use API (Application Programming Interface) connections to streamline multiple processes. In service Finantier there are three main capabilities offered, namely verifying identity through user-entered data or bank data that is already owned; help businesses manage raw data by machine learning; and provide features to accommodate payments made on a regular basis or subscriptions.

The startup founded by Diego Rojas, Keng Low, and Edwin Kusuma, today (23/11) announced the acquisition of funding pre seed led by East Ventures with participation from AC Ventures, Genesis Ventures, and several other investors. No details of the amount of funding obtained are mentioned. Investment funds will be focused on strengthening the team and accelerating the development of their API technology, including preparing services so that they can expand in various countries in Southeast Asia.

"Openfinance is a framework built on the principles open banking which gives consumers the flexibility to securely access their data and use it optimally across multiple platforms," ​​said Diego Rojas, Co-Founder & CEO of Finantier.

In Indonesia, the rules open banking is in the realm of Bank Indonesia. To date, the Open API standard is in the maturation stage. Since July 2020, BI has announced that it will soon release the Open API standard, enabling collaboration between banks and fintech realizing an inclusive financial services ecosystem. Open API is an application program that allows companies to integrate between systems.

In Indonesia, there are several API service startups to accommodate various payments. One of the most complete is let's connect, offers APIs for transactions, payments, to the management of transaction data. With a different approach, there is also a solution open banking Based on the API provided by Brankas, it allows developers to facilitate various transactions from users to banks.

“We are leveraging the digital footprint of consumers and businesses to give them secure access in Southeast Asia to tailored financial services, which in turn helps improve consumers' financial well-being,” added Co-Founder & CPO Finantier, Keng Low.

Meanwhile, Co-Founder & COO Finantier Edwin Kusuma described one of the issues that players often encounter. fintech in Indonesia. "Company p2p loans often find it difficult to disburse loans to individuals and MSMEs. Usually, this is due to a lack of information or because the company fintech cannot get a complete financial picture of prospective borrowers, even though the data is needed to reduce loan risk and reduce costs.”

Finantier was founded in the middle of this year with the aim of providing businesses with the infrastructure and data needed to build the next generation of financial products. Finantier made a platform fintech and financial institutions can collaborate securely to provide consumers with the flexibility, convenience, and security in using their financial data.