Finfra, a Latvian-founded Indonesian lending infrastructure provider, has announced a significant partnership with Tyme Group following a $2.5 million funding round led by Cento Ventures, Accion Venture Lab, Z Venture Capital, Matiss Ansviesuli, according to Labs of Latvia.

About Finfra

  • Founded in 2022 by Latvians Markus Prommik and Reinis Simanovskis, Finfra serves as a comprehensive platform for companies launching white-labeled lending products in Indonesia.

  • The company is based in Singapore and simplifies Indonesian lending through technology and customer service, offering user-friendly credit products and flexible payment options for healthcare and inventory purchases.

  • Finfra offers a total solution for underbanked businesses and non-financial digital platforms, ensuring regulatory compliance, complete loan management, scoring, portfolio analytics, and access to debt capital.

“This collaboration, supported by our investors, puts us on the path to profitability and strengthens our mission to drive financial inclusion and expand sustainable financing options in Indonesia,” said Finfra’s CEO Markus Prommik.

Investment details

  • This round brings Finfra’s total valuation to $4.3 million, bolstering investor confidence in its efforts to bridge Indonesia's credit gap for MSMEs. In 2023, Finfra secured $1M from FIRSTPICK and BADideas.fund.

  • The round was led by the Singapore-based firm Cento Ventures. It also included support from the Washington-based VCs Accion Venture Lab, Z Venture Capital, and San Francisco-based Hustle Fund, FirstPICK and Matiss Ansviesulis.

  • The deal comes along Finfra's partnership with Tyme Group, a digital banking operator, for embedded lending solutions in Indonesia, expanding Tyme's Southeast Asia footprint and providing Finfra with international exposure.

The investment is a significant step in Finfra's development, strengthening its presence in the Indonesian digital SME ecosystem. It aims to meet client needs and comply with local industry regulations while adapting to evolving market demands.

You can read more about Finfra’s solution, its team and goals in our Startup of the Day column, here.