Indonesian FinTech Finantier secures backing from Y Combinator

By Megha Bhattacharya

Indonesia-based FinTech firm Finantier has reportedly secured an undisclosed amount of funding from the US startup accelerator Y Combinator. The development will enable the FinTech to join the accelerator’s winter 2021 funding cycle, beginning in January.

According to research by the Oxford Business Group, the FinTech industry in Indonesia is expected to reach a value of $130 billion by 2025, with the increasing popularity of ride-hailing and the digital payment services.

“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,” said Edwin Kusuma, chief operations officer of Finantier.

The funding is expected to boost Finantier’s launch into emerging markets, beyond Southeast Asia. The company enables businesses to build and deliver financial services to consumers by providing accounts aggregation, income and identity verification, and recurring repayments and subscription services. It also applies machine learning to raw data and provides insights from multiple sources.

With more than 20 clients in beta mode, Finantier is currently aiming to expand in Singapore, Vietnam and the Philippines. Established in 2020, Finantier provides the infrastructure and data products required by businesses to build the next generation of financial services in SEA. It recently acquired funding via a pre-seed round from several different investors, such as AC Ventures, East Ventures, Genesia Ventures and Two Culture Capital.