Finantier Gets Initial Funding Led by Global Founders Capital and East Ventures, Focuses on Expanding Access to "Open Finance"
Open finance products are accessed using APIs, helping fintechs and other financial institutions connect to provide inclusive services
Platform developer startups open finance Finantier announces it has closed seed funding (seed funding) led by Global Founders Capital and East Ventures. No specific mention was made of the nominal that was successfully recorded, it was conveyed that the 7-digit funds obtained exceeded the company's target and were obtained at a valuation post-money 20x compared to time pre seed last November 2020.
Some of the new investors in this round include Future Shape, Partech Partners, Saison Capital, and GMO VenturePartners. Temporary past investors such as AC Ventures, Y Combinator, Genesia Ventures, Two Culture Capital, and a number of angel investors participated in this latest round.
The funds will be used by the company to increase and enlarge product offerings, expand in Indonesia and beyond, and double the number of employees. Since the beginning of the year, the company has increased its team to 50 employees and increased its clients and partnerships by more than 50% per month. They have also worked with more than 150 companies and provided access to a wide variety of data sets.
Additionally, Finantier recruited Truelayer Co-Founder & CEO Francesco Simoneschi to join its advisory group.
Potency open finance
Product open finance offered by Finantier in the form of infrastructure API based technology that fintech can use to provide inclusive financial services. Examples of productsFinancial Score", namely the platform credit scoring that can be used by digital financial institutions to support loan services by ensuring the eligibility of prospective customers.
"Openfinance is an extension of open banking, enabling the exchange of non-banking financial data including credit and mortgages securely. Besides that open finance It also facilitates the open exchange of consumer data so companies can leverage it to reach more customers while creating more personalized services," said Diego Rojas, Co-Founder & CEO of Finantier.
The high percentage of people who have not been touched by banking services in Southeast Asia, especially Indonesia, is considered to present a good opportunity for players open finance. Different from open banking which focuses on services centered around bank accounts, coverage open finance broader and not limited to bank-based financial institutions.
"Finantier makes it easy to access financial services for millions of people who don't have a bank account, from roadside stalls (SMEs) to workers. gig economy, benefit from their digital data footprint. With access to financial services, we can help them and their loved ones to have a better life," added Edwin Kusuma, Co-Founder & COO of Finantier.
Data from Bank Indonesia says there are around 90 million adults in Indonesia who do not have access to banking products.
"Increasing financial inclusion in Indonesia is very important considering that many people do not have access to financial institutions. With better access to financial services, they can live better and can contribute to improving Indonesia's economic development. We had hope for Finantier from the start and believe that they play an important role in realizing these expectations by connecting those without financial access to fintech and financial institutions in various countries," said East Ventures' Co-Founder & Managing Partner Willson Cuaca.
Openfinance in Indonesia
Services open finance In Indonesia, it is quite developed, it is suspected that there are many players fintech and public acceptance of the products presented. With different forms, besides Finantier there are several other players which also peddles a similar platform. For example, Ayoconnecet for bill-payment API, Safe for BaaS API, Instamoney for remittance API, and so on.
From the developer's point of view, this clearly presents a very meaningful convenience. And most importantly the meaningopen" from the term used, it indicates that there is openness - in relation to data management - which can make the digital financial ecosystem much healthier. Various similar initiatives are in fact also being intensified by fintech players in Indonesia, for example, the one initiated by AFPI to build a data center together.