The startup did not disclose the amount it raised for the pre-Series A round. It earlier raised seed funding from CreditEase and Plug and Play.
Smile provides income and employment data across platforms and employers through a single API. The data are used by banks, fintech firms, recruitment agencies, and other service providers to increase adoption and conversion, reduce cost, and reduce risk, according to the company.
Additionally, Smile’s digital platform also allows e-wallets, loans, insurances, digital bank accounts, and other applications to become available through a simple, white-labelled interface.
The company said it has already expanded its coverage to 40 million workers in the Philippines.
In a statement, Afore Capital managing partner Anamitra Banerji said the firm invested in Smile API because of the progress the startup has made in a short time with its API.
The venture capital firm has closed a $150-million fund from existing LPs, bringing its assets under managed to $300 million. The company has invested in over 80 companies with a focus on pre-seed startup investing.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has put together a table listing prominent venture capital transactions in Southeast Asia for the week starting June 13, 2022.