Indonesian Fintech Finantier, an Open Finance API Platform, Finalizes Seed Round from Global Founders Capital, East Ventures

Indonesia-based Finantier, an open finance API platform, has secured an undisclosed 7-figure sum through a seed round that was led by Global Founders Capital and East Ventures.

Finantier’s latest investment round was oversubscribed. The capital was raised at a post-money valuation of over 20 times its pre-seed valuation in November of last year.

Participating in Finantier‘s new funding round were Future Shape, an investment and advisory company established by Tony Fadell, the co-inventor of the iPhone; Partech Partners, Taurus Ventures, Saison Capital, and GMO Venture Partners. Several other high-profile Fintech investors made contributions as well.

Existing investors AC Ventures, Y Combinator, Genesia Ventures, Two Culture Capital and prominent angels also took part in Finantier’s round. As previously reported, Finantier was part of Y Combinator’s Winter 2021 batch.

Finantier will also be working with Francesco Simoneschi, Co-Founder and CEO at Truelayer as an advisor to strengthen the firm’s Board of Directors.

The proceeds will be channeled towards scaling the business and further improving Finantier’s line of products, while helping the firm to continue its expansion efforts in Indonesian markets and the wider region. The company will also be doubling the size of its workforce.

Since the beginning of 2021, the firm has been focused on growing its professional team. It now has around 50 employees and has increased its client base and business partnerships by more than 50% MoM.

Edwin Kusuma, Co-founder and COO at Finantier, stated:

“Finantier democratises access to financial services by allowing the millions of unbanked – from roadside warungs (SMEs) to gig economy workers – to benefit from their digital data footprint. By unlocking access to basic financial services for the unbanked, we are enabling them and their loved ones to lead better lives.”

As covered in December 2020, Finantier had revealed that it acquired an undisclosed amount of capital from US-based startup accelerator Y Combinator.

Finantier had joined Y Combinator’s Winter 2021 funding cycle, which was scheduled to begin in January 2021. Finantier had said in December that it was planning to expand its business operations into emerging markets outside the Southeast Asia region via its partnership with the accelerator.

The Fintech firm allows companies or businesses to build and provide financial services to customers by offering accounts aggregation, income and ID verification, recurring repayments and subscription services. Finantier leverages machine learning to analyze raw data and then offer insights from several different sources.

Edwin Kusuma, Chief Operations Officer at Finantier, stated (in December of last year):

“Fintech lenders are frequently unable to extend loans to consumers and businesses. This is due to incomplete information, or the inability of Fintechs to obtain the full financial picture of a borrower to de-risk their operations and reduce costs.”

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