Singapore-based Finantier has closed an oversubscribed seed financing round at more than 20 times its pre-seed valuation.
Finantier plans to strengthen its presence in Indonesia and Southeast Asia after raising seven figures in seed funding in a round led by Global Founders Capital and East Ventures, it announced on Wednesday.
Founded in 2020, the fintech provides an application programming interface (API) platform for financial institutions to access and analyze consumer financial data. The new funds will also go towards scaling and enhancing its product offerings and double the size of its team.
Southeast Asia’s large unbanked population presents challenges for financial institutions who lack access to consumer financial data, handicapping them in providing financial services such as payments, lending, and insurance, among others, Finantier explained.
To address this, the company works with over 150 companies to aggregate data from alternative sources to give its clients access to a more comprehensive range of datasets and enable the unbanked population to benefit from their digital data footprint.
Finantier’s clients and partnerships have seen over 50 percent monthly growth in 2021, while its team has grown fivefold to 50 employees, the company said.
Open finance is an extension of open banking data-sharing principles to enable third-party providers to access customers’ data across a broader range of financial sectors and products, including savings and investments.
With open finance facilitating the open exchange of consumer data, companies can leverage it to reach more customers while creating more personalized financial services, Diego Rojas, Finantier co-founder and CEO, said.
Rojas previously worked closely with the co-founders of NYSE-listed LendingClub and was the technical lead at the founding team of GIC-backed Chinese online lending marketplace Dianrong.
COO Edwin Kusuma was previously from Google and was also formerly CEO of P2P lending firm 360Kredi and director of operations at Kredinesia, while CPO Keng Low was the technical lead for a payments startup in Silicon Valley and previously an Entrepreneur-in-Residence at East Ventures.