Philippines: Germany’s DEG Backs Smile API’s Fintech Expansion

Financial inclusion data provider Smile API has successfully closed a funding round with DEG‘s Up-Scaling program, a venture supported by the German Development Finance Institution.

This initiative, co-financed by the German Ministry for Economic Cooperation and Development, channels investments into innovative Fintech and greentech ventures in emerging markets.

In December 2023, DEG selected Smile API for funding due to its impactful work in the Philippines and Southeast Asia, recognizing its pivotal role in bolstering financial inclusion across the region.

This investment underscores the ongoing collaboration between Germany and Southeast Asia, aimed at fostering sustainable economic growth and development.

Smile API specializes in providing real-time access to income and employment data, empowering individuals to leverage their personal information for accessing financial services.

By tapping into various data sources such as employment documents, HR and payroll systems, gig platforms, and social security systems, Smile API enables more comprehensive and inclusive credit decision-making.

This approach addresses the limitations of traditional methods reliant solely on bank accounts and credit card history.

The financing from DEG’s Up-Scaling program aligns with Germany’s broader regional initiatives, emphasizing economic cooperation, renewable energy, environmental technology, and climate change mitigation.

The investment in Smile API signifies a significant step towards achieving the shared goal of sustainable development and inclusive economic growth in Southeast Asia.

The collaboration between Smile API and DEG exemplifies the efficacy of international cooperation in tackling global economic challenges and advancing the well-being of communities across Southeast Asia.

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