Existing investors AC Ventures, Y Combinator, Genesia Ventures, Two Culture Capital and prominent angels also participated. Finantier was part of Y Combinator’s Winter 2021 batch. Since the beginning of the year, the company has expanded its team by more than 5 times to 50 employees, while growing its clients and partnerships by over 50 per cent month-on-month.
“We believe the team’s relevant expertise, together with their transparent approach, will bring Open Finance into Southeast Asia where millions of unbanked and underserved lack access to proper financial services, accelerating financial inclusion,” said Oliver Samwer, Founder and Managing Partner at GFC.
“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,” said Pandu Patria Sjahrir, Founding Partner at AC Ventures and Chairman of Indonesia FinTech Association (AFTECH).
“Finantier is bringing financial freedom to everyone across Southeast Asia. Individuals now can easily share their digital transaction data, from various merchants, to help them build their creditworthiness. This is a significant step to create an open and inclusive banking ecosystem for all,” said Tony Fadell, Principal at Future Shape.
The fresh funds will go towards scaling and enhancing Finantier’s product offerings, continue its expansion within Indonesia and the region, and double the size of its team.
According to Bain, over 70 per cent of adults in Southeast Asia lack access to financial services, while millions of small and medium-sized enterprises (SMEs) in the region face large funding gaps. This can be attributed to the high unbanked population and inadequate financial infrastructure within Southeast Asia.
Many Indonesian financial institutions lack access to consumer financial data, handicapping them in providing financial services such as payments, lending, and insurance, among others. This is due to the high unbanked rate within Indonesia. According to Bank Indonesia data in East Ventures Digital Competitiveness Index (EV- DCI) 2021, over half of the population or 90 million adults remain unbanked. This limits financial institutions’ ability to assess their banking data for product or service eligibility.
“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. We had a leap of faith in Finantier since their early days and believe they play a key role in making that a reality by connecting the unbanked to fintechs and financial institutions across the country,” said Willson Cuaca, Co-founder and Managing Partner at East Ventures.