Finfini Offers API-Based Financial Data Integration Solution

Continuing to explore what users need, must always be the basic foundation for companies to continue to innovate. This story also takes place within the Finfini team. In fact, finfini born the result of a decision pivot from the two previous products that have been released to the market, namely DompetSehat and Veryfund.

Head of Product Rangga WP said, Finfini combines engine from the previous two products into three sectors, namely data/account aggregation engines, data analyticsand processing data. Engine it turns out to be more needed by users than ready-made products.

WalletHealthy itself provides financial management services to individuals by linking their bank accounts. Temporary Veryfund offers the convenience of checking balances and tracking financial transactions from users' various bank accounts.

“It turns out that there are many corporations out there that need it more engine us from DompetSehat and Veryfund. So we decided to make brand alone. In 2017 we decided to pivot [..], we learned from previous failures and sharpened ourselves to see the market potential,” he explained to DailySocial.

business model

Rangga explained that Finfini divided its services into three sectors, namely: data/account aggregation, data analyticsand processing data. data aggregation is a service that functions to collect data that is publicly spread on the internet, or private data that can be accessed with the permission of the account owner. For example, financial data in banks or investment data.

This private data can be obtained by Finfini because usually the account holder has the need to apply for a loan at a certain financial institution. "Or when the account owner wants to record monthly income or expenses recorded in each bank account, and display it in graphical form, so that the account owner can manage his finances better."

"So we put ourselves between the two" demand, namely the account holder, and/or banking/fintech other. Banking/fintech/application developers are clients who use our services to make things easier user them," he continued.

Of the three sectors, four products are offered to Finfini corporate users. Namely, account aggregation which collects financial data, links with internet banking to retrieve the financial statements of the last three months, or the last five transactions.

Then, document parsers such as OCR parser for ID cards, bank statements, and other documents, as well as PDF parser for bank statements in PDF form; Cashflow analytics is engine to analyze the parsing results of the checking account, is there any indication? fraud, so the team risk/fraud in financial institutions can analyze and make creditworthy decisions faster.

“Lastly, the e-KYC module, for ID card validation, face comparison, phone verification, and so forth."

Solution end-to-end it is actually intended to serve financial institutions as the company's initial focus. However, it is possible that this solution can be used in a modular manner, for example, only using the e-KYC module suite course, no problem.

However, due to the impact of the Covid-19 pandemic on financial institutions, Finfini is now making its services modular to make it more flexible to reach companies from other sectors. “We are currently engaging with the Ministry of Finance for this OCR project.”

Some of the Finfini users include Julo, Welbi, and Ngorder.

Rangga also confirmed that currently the company is still using its own funds, aka bootstrapped for its operations. There are no plans to conduct external fundraising yet.