Indonesian fintech Finfra raises $1M. Lithuanian FIRSTPICK and Latvian BADideas.fund are among the investors
Finfra, the one-stop shop for companies, has announced the raising of $1 million in funding from DS/X Ventures, Seedstars International Ventures, Cento Ventures, Fintech Nation, FIRSTPICK, and BADideas Fund. The funding will accelerate product development and plans to grow its team.
- Finfra was founded in 2017 as a consumer lending company, but it began servicing businesses directly in 2021. It is the one-stop shop for Indonesian businesses looking to integrate white-labelled lending products. The startup enables under banked businesses and non-financial digital platforms to embed financial products and services, particularly credit lending, into their own distribution channels.
There’s real demand for comprehensive credit-centric services and lending among Indonesian small businesses, particularly as it relates to providing lending as a service. We’re determined to make it not only feasible but genuinely easy for Southeast Asian companies to do so,”Markus Prommik, co-founder and CEO of Finfra.
- The fresh round of investment came as a collaborative effort by DSX Ventures and Seedstars International Ventures, regional fintech experts Cento Ventures and Fintech Nation, Baltic-based startup support incubators FIRSTPICK, BADideas.fund, and Silicon Valley-based Hustle Fund.
- With this funding, Finfra will accelerate product development and expand its engineering, data, and finance teams. They aim to further establish itself as a market leader within the Southeast Asian embedded lending industry, particularly in Indonesia, where they want to help boost OJK financial inclusion targets.