Finantier Team
Finantier, a Singapore-based open finance startup, has raised 7-figure seed capital in a new funding round led by Global Founders Capital (GFC) and East Ventures (EV).
Existing investors AC Ventures, Y Combinator, Genesia Ventures, Two Culture Capital, besides new investors such as Future Shape, Partech Partners, Taurus Ventures, Saison Capital, and GMO VenturePartners, also participated.
The round was raised at more than 20x the valuation the company received for its pre-seed funding in November 2020, as per a company statement.
Finantier intends to use the money to scale and enhance its product offerings within Indonesia, expand to Thailand, and Vietnam, and double its team size.
Founded in 2020, co-founders of Finantier initially wanted to build an Open Banking platform but later decided to switch the idea to build an Open Finance platform as Open Banking would exclude a large amount of the unbanked population in emerging markets.
Open banking is limited and its use cases are limited to products offered by banks (loans, credit cards, etc.). Open finance, on the other hand, allows the exchange of data between a wide ride of financial companies.
Also Read: Finantier secures funding from Y Combinator for its Open Finance platform
Lack of access to consumer financial data is a big problem in Indonesia as many financial institutions don’t have access to consumer financial data. This handicaps them in providing financial services such as payments, lending, and insurance.
Finantier solves this problem by aggregating data from alternative data sources such as gig economy platforms and telcos. After the consent of the user is obtained, these datasets are analysed to provide detailed insights on consumers for financial institutions, allowing them to provide financial services for the unbanked.
This, claims the firm, significantly reduces the number of people who lack access to basic financial services, accelerating financial inclusion within Indonesia, which the government has identified as a key priority.
“Our business model is a traditional SaaS, with a recurring charge per month according to the usage of our Aggregation API. We are also launching new products later this year that has a slightly different commercial model,” Diego Rojas, co-founder of Finantier told e27.
As of now, the company works with over 150 companies, giving clients’ access to a comprehensive range of datasets.
Additionally, Finantier has appointed Francesco Simoneschi, co-founder of Truelayer (a London-based startup that offers a developer-friendly platform for fintech companies) to its table of Advisors.
“In order to accelerate financial inclusion and to increase innovation in financial services across Indonesia, collaboration is key among regulators, associations, and the private sector. The Finantier team is doing a great job by proactively engaging all the parties while building a fintech platform and a sustainable ecosystem aligned with the vision of a more inclusive country,” Pandu Patria Sjahrir, Founding Partner at AC Ventures and Chairman of Indonesia FinTech Association said.
“Accelerating financial inclusion within Indonesia is crucial given the high unbanked rate. With access to better financial services, these underserved segments of the population can lead better lives and drive growth for the Indonesian economy,” added Willson Cuaca, co-founder at East Ventures.
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Image Credit: Finantier
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