Fairbanc a Singapore based “Buy now, pay later” (BNPL) startup has gained traction by targeting consumers, but BNPLs for businesses are also starting to take off. Fairbanc announced today it has raised $4.8 million in pre-Series A funding.
The round was led by Vertex Ventures. Other participants in the round included Indonesian conglomerate Lippo Group, Asian Development Bank, and Accion Venture Lab. Fairbanc also received previous investments from East Ventures, 500 Global, and Michael Smapoerna.
Fairbanc will use its new funding on expanding in Indonesia and exploring new markets like Vietnam and the Philippines in partnership with Unilever. It also plans to expand into verticals beyond fast-moving consumer goods, including within the B2B supply chain.
Company: Fairbanc Technologies Indonesia.
Raised: $4.8M
Round: Pre-Series A
Funding Month: July 2022
Lead Investors: Vertex Ventures
Additional Investors: Indonesian conglomerate Lippo Group, Asian Development Bank, Accion Venture Lab
Company Website: https://fairbanc.app/
Software Category: AI-powered mobile working capital credit
About the Company: Fairbanc is the first scalable, AI-powered mobile working capital credit and payments platform for emerging market micro and small businesses. Fairbanc provides AI/ML-powered terms of payment solutions integrated into your business. No smartphones, KYC, or loan applications are required. Analyze customers' data to help you to minimize risks of bad debts and grow your customer transaction value. Easy solutions, Hassle Free. No loan application.
Source: https://techcrunch.com/2022/07/21/fairbanc-provides-bnpl-for-micro-merchants-in-indonesia/