Singapore-based open finance startup Finantier gets backing from Y Combinator –
Summary
But in markets like Indonesia, many still use digital wallets or e-commerce platforms, creating alternative sources of user data that can help them secure working capital and other financial tools. Finantier was founded earlier this year by Diego Rojas, Keng Low and Edwin Kusuma, all of whom have experience building products for fintech companies, with the mission of enabling open finance in emerging markets. The investment firm, which focuses on Indonesia, conducts an annual survey called the East Ventures Digital Competitiveness Index and found that financial exclusion was where one of the largest divides existed. To promote financial inclusion and alleviate the economic impact of the COVID-19 pandemic, the government has set a goal for 10 million micro, small and medium-sized enterprises (MSMEs) to go digital by the end of the year. “Providing equal access to financial services will create multiplier effects to the Indonesian economy,” Cuaca told TechCrunch about East Ventures’ decision to back Finantier.