Boost Capital, a Singapore-based SaaS platform secured $2.5 million in a seed funding round from Village Global, Iterative Ventures, Hustle Fund, Epic Angels, Xcel Next, and Insitor.
Prominent angel investors, including Shivaas Gulati, former co-founder of Remitly; Larry Hootnick, former CFO of Intel; and Puon Penn, former EVP of Venture Capital at Wells Fargo, also participated.
The firm will use the funds for market expansion, enlarging its product team, and initiating partnerships with new banks.
Boost Capital provides a platform that enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.
It utilizes technology to bridge the gap between the informal channels, such as chat, preferred by emerging market customers, and the stringent requirements that financial service providers enforce for assessing the risk and return of each newly onboarded customer.
The company’s technology provides services, including collateralized and uncollateralized loans, to clients with a salary or business income without requiring an app download.
Company: Boost Capital PTE. LTD.
Raised: $2.5M
Round: Seed Round
Funding Month: August 2023
Lead Investors: Village Global, Iterative Ventures, Hustle Fund, Epic Angels, Xcel Next, and Insitor
Additional Investors: Shivaas Gulati, Larry Hootnick, and Puon Penn
Company Website: https://www.boostkh.com/
Software Category: Chat-based Bank Client Onboarding Platform
About the Company: Founded in 2018 by Gordon Peters and Lucinda Revell, Boost Capital is a provider of microfinance technology intended to make it cheaper and easier for people globally to access microfinance services. The company's technology interviews customers through chatbots, credit scores them, and offers loans digitally through smartphones. It offers collateralized and non-collateralized loans to microfinance institutions. Its features include automated loan applications, digital KYC, automated credit underwriting, contracting and credit checking, and more.
Source: https://e27.co/boost-capital-lands-us2-5m-for-its-chat-based-bank-client-onboarding-20230814/