Fintech Infrastructure Finantier Gets Company Backing From Y Combinator to Expand to New Business Regions

By Thomas Price Sunday, January 10, 2021

As financial technology (fintech) businesses continue to sweep the globe in recent years, what is being discovered is how many nations and groups of people have rejected traditional banking practices and credit cards. These people have instead opted for more modern options such as digital wallets or ecommerce platforms which offer more flexibility and other financial tools. Fintech startup Finantier is offering that type of business to people who have been colloquially referred to as “underbanked.” As a result, the early-stage startup has gotten attention and support from a variety of investors. As Finantier provides its customers with alternative options, what does the fintech company do, what kind of support is the startup receiving, and what can be expected from them in the near future?

Person choosing "Fintech" from a selection of tiles.

What Is Finantier?

Finantier is a fintech startup based in Singapore that focuses on open finance services. Mainly this involves streamlining user data through the use of a single application programming interface (API), which allows for financial services to access this data and provide a better experience.

Through the use of Finantier’s open finance single API, companies who use their product can instantly verify the income and identity of customers, enrich transactional data through the use of machine learning to create a better user experience, and allow for customers to to transfer funds and initiate payments at very low costs. The machine learning capabilities in combination with analytics allows for credit scoring and KYC verifications. Their business offers open financing infrastructure built to take on large volumes, specifically in Southeast Asia.

The startup was founded in 2020 by Diego Rojas, Keng Low, and Edwin Kusuma who all had the goal of enabling open finance in emerging markets, which is why it is focused heavily on Southeast Asia and, more specifically, Indonesia. The young startup’s efforts have already begun to slowly pay off as well.

In fact, despite the company’s open finance infrastructure still functioning in beta mode, Finantier has acquired an impressive 20 clients. Based on the results of these companies using the infrastructure, Finantier plans to make a full-on public launch extremely soon. In the meantime, the startup has been looking for financial backing from investors who have seen the emerging market Finantier is looking to tap into and are seeing incredible potential. This has led to support for the company, which could soon be a major player in the open finance game.

Finantier’s New Support and Future Plans

It was recently announced that Finantier has been accepted into Y Combinator’s Winter 2021 startup batch; a huge milestone for startups who get selected. Beyond this, Finantier has received an undisclosed amount of funding in a pre-seed round. East Ventures led the funding with participation from AC Ventures, Genesia Ventures, Two Culture Capital, among other investors.

Finantier is currently focused on building a strong customer base in Singapore and Indonesia; however, with more support and with a successful launch to the public, the startup is looking to expand into new countries such as Vietnam and the Philippines.

Finantier is tapping into a market that is especially keen on open finance services, and their current infrastructure could make major waves if the startup is to catch on. While it is always a difficult path to success, Finantier has many significant advantages including an ongoing beta with multiple companies, being a part of Y Combinator’s Winter 2021 startup batch, and receiving financial support from a diverse group of investors. With expansion both in current targets and more countries on the horizon, Fintantier looks set to see success soon.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

Related Articles