Latvian-founded fintech startup Finfra, which enables technology companies in Southeast Asia to integrate financial services into their platforms through seamless infrastructure and support, has raised $2.5 million in funding and formed a strategic partnership with Tyme. The funding round was led by Cento Ventures.
- Established in 2022 by Markus Prommik and Reinis Simanovskis, Finfra enables technology companies in Southeast Asia to seamlessly integrate financial services into their platforms.
- The company provides crucial infrastructure and services that enable businesses to offer various financial solutions, such as invoice financing, buy now pay later (BNPL) loans, payroll financing, and working capital financing. These solutions enhance payment processes, boost customer retention, and allow employees early access to their wages.
- Headquartered in Singapore, Finfra makes the lending process easier in Indonesia by leveraging technology and customer service. It offers user-friendly credit products that enhance customer satisfaction and provide flexible payment options for healthcare and inventory purchases, making financial services more accessible.
Details of the deal
- The investment was led by Cento Ventures, a Singapore-based venture capital firm that backs early-stage tech startups in Southeast Asia.
- The funding round also saw support from FIRSTPICK, a Vilnius-based venture capital firm that invests in Baltic tech startups from various sectors, including fintech, SaaS, deep tech, and consumer marketplaces, Washington-based VC Accion Venture Lab, Z Venture Capital, San Francisco-based Hustle Fund, and Matiss Ansviesulis.
- Finfra has partnered with Tyme Group, a digital banking network operating in multiple countries, to implement embedded lending solutions, including merchant cash advances, throughout Indonesia using Finfra’s tools.
"With Tyme, we’re bringing our embedded lending infrastructure to one of Southeast Asia’s most happening markets — Indonesia — unlocking new opportunities for SMEs to access finance and driving meaningful impact. This partnership is more than a business collaboration; it’s a validation of our vision for Finfra and the future of lending," co-founder of Finfra, Markus Prommik, commented on LinkedIn.
- With the capital raised, the startup aims to enhance its data analytics and risk assessment products while expanding its customer base.
