Finku secures USD 2.8 mln seed funding

Friday 13 May 2022 13:20 CET | News

Indonesia-based financial services application platform Finku has raised USD 2.8 million in its latest seed funding round. 

The round was led by multi-stage global investment firm B Capital Group and co-led by Global Founders Capital and Trihill Capital. Golden Gate Ventures, Goodwater Capital, Alto Partners, and the founders of companies Bukuwarung and Xendit also took part in the round. 

Finku will utilise the funds to speed up its expansion plans in Indonesia. The company also aims to be Indonesia’s first responsible lender by expanding its offerings to include responsible credit. It will combine low-interest rates, transparent fees, and a suite of personal finance tools to help users manage their finances and access credit responsibly. As smartphone usage and demand for digital payment services accelerate in Indonesia, Finku will leverage these market opportunities to provide the best in-app financial solutions for users. The platform also seeks to bridge gaps in financial access through its digital reachability – potentially reducing rates of financial illiteracy within the country. 

Established in 2021, Finku seeks to impart greater financial access and management skills to users, regardless of their income backgrounds. The company does this through its mobile app, which automates budgeting and expenditure-tracking processes to give its users a personalised insight into their spending habits. By enabling users to track their transactions across multiple banks, e-wallets, and investment accounts, Finku’s app improves the daily financial management process. The app also automatically collects and calculates various financial data to produce real-time insights. With these insights and a transparent view of their digital transactions, users can manage their finances digitally.

To expand on its user-focused strategies, Finku will introduce a new credit product that enables users to access credit facilities for their daily use. This credit access seeks to raise the financial capacity and capabilities of users in their daily lives.

Finku currently has over 350,000 users on its platform. Finku was also part of 15 startups shortlisted to participate in the Startup Studio Indonesia accelerator programme, backed by Indonesia’s Ministry of Communication and Informatics.

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Keywords: investment, funding, online banking
Categories: Banking & Fintech
Companies: Finku
Countries: Indonesia
This article is part of category

Banking & Fintech


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