Financial Registration Application “Finku” Gets Early Stage Funds of More than 40 Billion Rupiah

Finku, developer startup personal financial recording app, announced the acquisition of seed funding of $2,8 million (over 40 billion Rupiah) from B Capital Group. Global Founders Capital and Trihill Capital are involved as co-lead investors. Other participating investors include Golden Gate Ventures, Goodwater Capital, Alto Partners, as well as the founders of startups BukuWarung and Xendit.

For the record, Global Founders are early investors (pre-seed) on Finku, along with 500 Startups in August 2021. No mention of the amount Finku received in the round.

The company will use the fresh funds to innovate more diverse products and expand the team to empower more Indonesians. One of the products that will soon be launched is consumer credit. In the future, Finku will combine a number of credit advantages, including low interest rates, cost transparency, with a set of personal finance features that can help them access credit responsibly.

In an official statement, the company said that it would take advantage of the opportunity to increase the number of users e-wallet to access digital payments in Indonesia. The reason is, to build a more financially resilient and inclusive society, they must have access, ability, and independence to manage finances regardless of income background.

Principal B Capital Group Ayu Tanoesoedibjo said, "We believe that Finku has produced a high-quality product that digitally transforms the personal finance space with a user-centric, highly intuitive, and easy-to-use mobile application for the general public.

“Finku's ability to reach hundreds and thousands of users in the months following its launch is a testament to the vast market potential and the team's passion, commitment and perseverance to achieve the company's vision. We are excited to support this effort and can't wait to see them reach more milestones in the future," Ayu said, Friday (13/5).

Finku Progress

Finku itself was only released last year, pioneered by Reinaldo Tendean, Shyam Kalairajah, and Shylla Estee. The app offers users greater access to finance and financial management expertise, through apps that automate expense tracking and personal budgeting, as well as providing personalized financial advice according to their spending habits.

It allows users to track the transactions they make through the bank, e-wallet, and investment accounts more easily, as Finku has streamlined their daily financial management process. This application can also automatically collect and calculate various financial data to produce a real-time picture.

The Finku app feature also allows users to create financial plans that can be automatically divided into more than 28 categories. The app also illustrates graphs and reports, billing, and subscription management features.

A consumer credit product that will be released in the near future, allows users to access credit facilities for their daily needs. This access to credit serves to increase the financial capacity and ability of users in daily life to a certain extent that will not cause problems in their finances.

Currently Finku has more than 350 thousand application users. It is claimed that last year it grew exponentially, ranking 7th for the financial application category in the Apple Store Indonesia. Finku is also part of the 15 startups selected to participate in the accelerator program Startup Studio Indonesia.