Pockets Pre-Seed Funding, "Finku" Enters Financial Listing Services Market

In recent years, more and more financial recording platforms have appeared in Indonesia. Not only integrated with banking, digital wallets to other fintech platforms; the platform also leverages the latest data and technology to function as a personal finance application.

One of the platforms that has launched this year is my fin. This service was founded by three Co-Founders, namely Shyam Kalairajah, Reinaldo Tendean, and Shylla Estee Pramadhani. Both Shyam and Reinaldo had previously worked at the Boston Consulting Group (BCG), while Shylla had previously worked at Bukalapak.

By page its linkedin, Reinaldo mentioned Finku's vision to democratize finance for all Indonesians. He believes that Indonesian people regardless of their background have the same opportunity to make the best financial decisions.

"And we start this journey by providing infrastructure and tools to manage finances becomes more simple, fast and fun. Indonesians no longer have to spend time tracking their spending manually whether through manual tracking apps, excel, or notes."

Finku has partnered with KoinWorks and Flip. In addition to providing a recorder of various activities by manual input, Finku is also able to manage user expenses with the budget feature. Other favorite features are Timeline & Filters, Financial Targets, Centralized Dashboard and Promos, discounts, up to cashback. The Finku app is now available for download on Google Play and the App Store.

DailySocial tried to contact Finku's founding team, but they were not available for comment.

Platforms that provide services similar to Finku in Indonesia include: Moni, Sribuuand PINA.

Pre-Seed funding pocket

Currently Finku has been registered and supervised by Kominfo and the Indonesian FinTech Association. Around last August, Finku had also received Pre-Seed stage funding from Global Founders Capital and 500 Startups.

DailySocial noted that throughout 2021 there were 3 financial recording startups such as Finku that had received funding from investors. They are Sribuu who received funding from BEENEXT and several angel investors, while Moni received initial funding from Bukalapak Co-Founder Achmad Zaky. While PINA, before the application was launched, had pocketed initial funding from 1982 Ventures, iSeed Asia, Prasetia Dwidharma, Oberyn Capital, and a number of angel investors.

The pandemic in particular has accelerated the growth of financial record-keeping platforms. The habit of online shopping among the public during the pandemic has accelerated the acceleration and adoption of non-cash transactions.

BI data also recorded an increase in digital transactions which reached 201 trillion Rupiah in 2020, up 38,62% from 192 trillion Rupiah in 2019. It was also recorded that the use of electronic money reached 24 trillion Rupiah during June 2021, up 60% compared to the same period in 2020.