Fairbanc, a Singapore and Silicon Valley-based platform that enables B2B embedded finance, has secured US$3.13 million in funding from Indonesian state-owned Bahana Artha Ventura (BAV).

The investment will be directed toward expanding Fairbanc’s lending services for small and medium enterprises and enhancing its operations in Indonesia.

Agus Wicaksono, BAV’s president director, said the partnership is intended to assist SMEs in obtaining growth capital through Fairbanc’s data-driven credit model.

The funding comes as Fairbanc says it is nearing profitability and financing over 250,000 merchants across Indonesia.