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.
|Startups||Headquarter||Investment Size||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry / Verticals|
|Proficient||Malaysia||$241,000||Seed||Falnas Capital||Construction Management|
|Voyager Innovations||Philippines||$167,000,000||PLDT, KKR, Tencent||IFC Financial Institutions Growth Fund||Financial Technology|
|Infina||Vietnam||$2,000,000||Seed||Saison Capital, Venturra Discovery, 1982 Ventures, 500 Startups, Nextrans||Financial Technology|
|KLAR||Indonesia||Seed||AC Ventures||Kenangan Fund||Dental Technology|
|Fairbanc||Singapore||$2,000,000||Pre-Series A||ADB Ventures, Accion Venture Lab, East Ventures, Sampoerna Strategic Group||Financial Technology|
|Typedream||Indonesia||Seed||Y Combinator, Timothy Lee, Ben Tossell, Aadil Mamujee, Blaine Cook||Software|
|Dedoco||Singapore||$2,450,000||Seed||Vertex Ventures Southeast Asia||Document Management|
|Endowus||Singapore||$4,500,000||UBS, Samsung Ventures, Singtel Innov8||Financial Technology|