Jeff raises $1M to build alternative credit scoring and other fintech products for Southeast Asia
According to the World Bank, more than one billion people in South and East Asia lack access to a bank account. For many, this makes it is difficult to secure loans and other services because they don’t have traditional financial records like a credit score. Jeff’s loan brokerage platform was created to make it easier for financial service providers to integrate alternative data scoring, allowing them reach more potential borrowers.
The startup, which launched its app in Vietnam last year, announced today it has raised $1 million, led by the Estonian Business Angels Network (EstBAN). The funding will be used to enter other Southeast Asian markets, including Indonesia and the Philippines, and introduce new products, like free credit score and insurance offers, digital discount coupons and mobile wallet cashbacks. Other participants in the round included Startup Wise Guys; Taavi Tamkivi, the founder of Salv who formerly held lead roles at TransferWise and Skype; and angel investors from European on-demand ride platform Bolt.
Jeff currently claims more than 300,000 users in Vietnam. Though it is based in Latvia, Jeff will continue focusing on unbanked people in South and Southeast Asia, said founder and chief executive officer Toms Niparts. Its goal is to build a “super app” that combines personalized loan comparisons with other services like e-commerce, mobile top-ups and online discounts, Niparts told TechCrunch in an email.
Before starting Jeff, Niparts was CEO of Spain for Digital Finance International, a fintech company that is part of the Finstar Financial (Read more...)