Latvian Fintech Startup Jeff App Raises $1 Million for Southeast Asian Expansion
by Fintechnews Baltic March 25, 2021Jeff App, a Latvian fintech startup providing a data-enabled loan brokerage platform for unbanked customers in Asia, has closed a $1 million financing round.
Jeff App said that the funds will be used to launch new products and fuel growth in Vietnam, their first market, before expanding into other countries in Southeast Asia.
The startup will also use the funds to launch and scale new products that range from a free credit score and insurance offers to digital discount coupons and mobile wallet cashbacks.
Additionally, the funding will also help to expand across the region, starting with Indonesia and the Philippines in 2021.
The startup announced plans to enter other major economies in South and Southeast Asia.
The funding round was led by the Estonian Business Angels Network (EstBAN) syndicate.
Other investors include Startup Wise Guys, Taavi Tamkivi (Salv, ex-Transferwise and Skype) and a number of Nordic investors, as well as several angels from the Estonian mobility unicorn Bolt.
Toms Niparts
“Ultimately, we want to develop Jeff into a financial super app offering a range of products besides loans, such as insurance, mass-adopted digital credit score, and even go beyond finance by adding a range of utility functions. One thing we learnt about emerging Asian markets is that there is an incredible opportunity on the B2B side, as the API infrastructure is not as developed as we had anticipated.
We are actively developing our lender toolkit, which includes a bank portal and a lender API. The idea is to offer solutions that improve the borrower-lender transaction while also requiring little to no integration effort for banks,”
said Toms Niparts, co-founder and CEO of Jeff App.
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