Singapore, 18 December 2024 – Fairbanc, a Singapore and Silicon Valley-based fintech platform specializing in B2B provide chain financing in Indonesia, has secured $3.13 million (IDR 50 billion) in funding from Indonesian state-owned Bahana Artha Ventura (BAV). The funding will help Fairbanc’s enlargement in SME lending and improve its operations.
Bahana Artha Ventura, a part of the state-owned IFG Group which manages over $20 billion in property, focuses on fostering high-growth and revolutionary startups in fintech and expertise. Agus Wicaksono, President Director of BAV, acknowledged, “Fairbanc’s technology and data-driven approach to credit will enable us to target SMEs in need of growth capital. We are confident this partnership will evolve into a scalable SME lending platform for BAV.”
The funding comes as Fairbanc nears profitability, financing over 250,000 retailers throughout Indonesia. This funding provides to a
profitable 12 months for Fairbanc, with over $40 million raised from distinguished traders, together with SMBC, Pegadaian (BRI Group). Moreover, Fairbanc raised fairness capital from the Asian Improvement Financial institution, East Ventures, OakDrive Enterprise, Lippo Group, 500 World, Accion Enterprise Labs, and Indonesian billionaire Michael Sampoerna.
Agus Wicaksono, the President Director of BAV and Mir Haque, Founder & CEO of Fairbanc / Photograph credit score: Fairbanc
Fairbanc’s expertise leverages AI and machine studying to extract credit score scores by connecting with Huge Knowledge from the main manufacturers’ ERP methods, together with Unilever, Danone, and Nestlé. Based in 2019 by Mir Haque, a Wharton MBA with expertise at Google, Adobe, McKinsey, and Deutsche Financial institution, Fairbanc goals to deal with monetary inclusion challenges in rising markets. In response to a Unilever survey, 80% of Fairbanc’s beneficiaries are unbanked, and 70% are ladies retailers who report a 35% common improve in gross sales attributable to Fairbanc’s BNPL expertise.
Fairbanc-BAV Signing Ceremony / Photograph credit score: Fairbanc
With a mission to serve the fourth-largest unbanked inhabitants globally, Fairbanc views Indonesia as a launchpad for scalable credit score options, with plans to broaden into Vietnam and the Philippines in partnership with Unilever. “We see this as a tremendous opportunity to uplift millions of underserved merchants out of poverty while driving economic revitalization,” mentioned Mir Haque, Founder and CEO of Fairbanc.
For media inquiries,
contact: mir@fairbanc.app
Singapore, Singapore
