Latvian FinTech Jeff App secures $1 mn funding for SE Asia expansion
By Leandra Monteiro
Latvian FinTech start-up Jeff App, a data-enabled loan brokerage platform for unbanked customers in Asia, has secured $1 million funds in a financing round led by the Estonian Business Angels Network syndicate. Also joining the round were Startup Wise Guys, Taavi Tamkivi (Salv, ex-Transferwise and Skype) and a number of Nordic investors, as well as several angels from the Estonian mobility unicorn Bolt.
According to the FinTech company, the raised funds will be used to launch new products and fuel growth in Vietnam, their first market, before expanding into other countries in Southeast Asia. The funds will also be used to launch and scale new products that range from a free credit score and insurance offers to digital discount coupons and mobile wallet cashbacks.
“Ultimately, we want to develop Jeff App into a financial super app offering a range of products besides loans, such as insurance, mass-adopted digital credit score, and even go beyond finance by adding a range of utility functions. One thing we learnt about emerging Asian markets is that there is an incredible opportunity on the B2B side, as the API infrastructure is not as developed as we had anticipated. We are actively developing our lender toolkit, which includes a bank portal and a lender API. The idea is to offer solutions that improve the borrower-lender transaction while also requiring little to no integration effort for banks,” said Toms Niparts, co-founder and CEO of Jeff App, according to media reports.
“Starting out at the backdrop of a global pandemic, Jeff App’s team managed to secure the trust of a substantial user base and, most importantly, a significant number of financial institutions. Two things that set them apart from other players are the team’s roots and profound understanding of the fintech sector and their ability to adapt and execute,” said Ivo Remmelg, President of EstBAN, according to media reports.
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