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Aditya Hadi Pratama · · 1 min readEast Ventures, ADB Ventures join online lending startup’s pre-series A round
Fairbanc, a San Francisco-based fintech startup that offers credit lines to unbanked people in emerging markets, has raised a seven-figure amount of funding in US dollars in its latest round.
More funding details
- Investors: Asian Development Bank’s venture arm ADB Ventures, Accion Venture Lab, East Ventures, and Sampoerna Strategic Group.
- Stage: Pre-series A
More company updates
- Fairbanc will use the fresh funds to scale up credit access for Indonesia’s small retailers, expand its distributor partnerships, and strengthen its sales and technology teams.
- It has partnered with major fast-moving consumer goods firms such as Unilever, L’Oreal, and Danone and has almost 60,000 merchants in its network.
- The company is also developing a product recommendation system with new features, such as alerts to help merchants plan inventory in advance of “climate events.”
- Fairbanc in 2020 raised an undisclosed amount of funding from 500 Startups and Indonesian billionaire Michael Sampoerna.
For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.
Editing by Miguel Cordon and Jaclyn Tiu
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