Indonesian open finance platform Finantier has secured an undisclosed amount in a
fresh funding round, media reports said. The funds raised will be used by Finantier to
expand its team as well as to upgrade its technology.
The funding round for Finantier was led by East Ventures. Other investors that also
participated in the funding round include AC Ventures and Genesia Ventures.
What Finantier does is that it collects datasets from various banks and financial
institutions, enriches the data and passes them to third parties through an open finance
application programming interface (API), which is a software intermediary that allows
two applications to talk to each other. According to the company, its aim is to plug this
gap by providing infrastructure and data products required by businesses to build the
next generation of financial services.
Willson Cuaca, co-founder and managing partner of East Ventures told the media,
“Providing equal access to financial services will create multiple effects to the
Indonesian economy. Currently, hundreds of companies work with their own unique
solutions to bring financial services to more people. We believe Finantier will help them
to offer more products and services to this underserved section of the population.”
Earlier this month, another Indonesian fintech startup LinkAja raised around $100
million in its series B funding round led by Singapore super app Grab. The investment
round also saw participation from Telkomsel, BRI Ventura Investama and Mandiri
Capital Indonesia. The startup will use the funds to bolsterits reach to the middle class and MSMEs in Indonesia.