Singapore-based financial technology (fintech) firm Fairbanc Pte, a subsidiary of Silicon Valley-based Fairbanc, announced that it has raised pre-Series A funding from ADB Ventures, Accion Venture Lab, East Ventures, Sampoerna Strategic Group, and others.
Fairbanc did not disclose the amount it raised in the funding round. DealStreetAsia, however, reported earlier that the fintech company raised $2 million, with $500,000 to be funnelled into its subsidiary PT Fairbanc Technologies Indonesia.
The company, founded in 2019 by CEO Mir Haque, said the latest funding will help scale up credit access for Indonesia’s small retailers, many of whom struggle to access working capital.
The fintech company collaborates with FMCG companies such as Unilever to offer digital credits. MSMEs can use these credits to buy products from partnering consumer brands. Its service does not require collateral, credit history, smartphone ownership, or digital literacy.
With nearly 60,000 merchants in its network, Fairbanc will deploy the new investment to expand its distributor partners and strengthen its sales and technology teams.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning June 28.