Finfra tops up with $1m to enable embedded lending for Indonesian firms

The Finfra team (from left) Reinis Simanovskis, Dionysius Yogadhitya, Markus Prommik, Hilda Indriana, and Varun Rathi

Since 2015, Indonesia’s digital economy has grown 10x, reaching US$77 billion in gross merchandise value. However, credit penetration remains low for individuals and businesses alike, with only 3% of Indonesians having a credit card.

Access to credit would allow businesses to boost customer adoption, among other things, and Indonesia-based fintech firm Finfra is looking to fill this niche. The startup has raised US$1 million to help make this happen.

Funding details

• Funding amount: US$1,000,000
• Investors: DS/X Ventures, Seedstars International Ventures, Cento Ventures, Fintech Nation, FirstPick, BADideas Fund, Hustle Fund
• Stage: Early stage
• Source

Finfra enables financial and non-financial businesses to embed credit lending services into their own channels.

The firm will use the fresh funding to grow its data, engineering, and finance teams, as well as to focus on accelerating product development.

“We have tripled our active clients from the start of the year and looking at our demand and our pipeline, we expect to triple it again in the second half of the year,” Finfra co-founder and CEO Markus Prommik tells Tech in Asia.

Founded by Prommik and Reinis Simanovskis, the firm initially started in 2017 as Danabijak – a consumer lending company – before catering to businesses in 2021. Danabijak is now a subsidiary and remains profitable.

See also: From China with love: Digital banks ANEXT and GLDB aim to fill SME lending void in SG

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