Fairbanc Secures Funding From Adb Ventures, Accion Venture Lab, East Ventures, And Sampoerna To Scale Indonesian'S Micro Merchant'S Access To Embedded Credit Products
Fairbanc Secures Funding From Adb Ventures, Accion Venture Lab, East Ventures, And Sampoerna To Scale Indonesian'S Micro Merchant'S Access To Embedded Credit Products
06/29/21, 4:44 AM
Location
jakartaFairbanc announced it has raised an undisclosed seven figures investment in a pre-Series A from ADB Ventures, the Asian Development Bank's venture arm, Accion Venture Lab, East Ventures, Michael Sampoerna Group, and others. This new financial backing comes on the heels of recent investments from 500 Startups and Indonesian billionaire Michael Sampoerna. This funding will enable Fairbanc to scale up credit access for Indonesia's small retailers, many of whom struggle to access working capital.
Company Info
Location
jakarta, dki jakarta, indonesia
Additional Info
The company is also developing a product recommendation system with new features, including timely alerts to help merchants plan inventory in advance of climate events, for which Indonesia is at high risk. "By embedding their product into existing partner channels, Fairbanc is able to provide micro merchants seamless access to much-needed inventory financing solutions. We believe Fairbanc is a strong addition to accelerate supply chain financing adaptation in Southeast Asia," said Melisa Irene, Partner of East Ventures.