The company’s technology aggregates hundreds of bills from utilities, lenders, insurances, banks, and government bodies, to help a company manage their money collections. The financial management solution helps people in Indonesia to manage their finances, by keeping on top of monthly bill expenses.
Finch Capital partner Radboud Vlaar said, “We are the only FinTech VC to focus on start-ups in both Europe and South-East Asia and are seeing significant innovation in these markets. In Europe, financial services represents 30% of GDP: it is well established but ripe for innovation.
“By contrast, in South East Asia, the opportunity lies in the new technologies that are, for the first time, providing financial services to a large underserved market. We are specifically interested in Indonesia as it is predicted to be the world’s 4th largest economy by 2050. These market dynamics provide exciting investment opportunities for us.”
Following the investment Finch Capital will join will join the company’s board.
This investment is the second deal made by the firm this week, with it also leading the €2m Series A round of Netherlands-based digital mortgage broker Ikbenfrits. Other recent investments made by the firm include digital mortgage broker Trussle, insurance platform Digital Insurance Group and customer insight software provider Squirro.
Earlier this week Finch Capital rebranded from Orange Growth Capital. Alongside this, the company changed the name of its investment vehicle to Finch Capital Fund II. However, the firm’s Dutch ICT fund and Growth fund will not rebrand from OGC Fund I.
In a recent interview by FinTech Global, Vlaar said that the firm is becoming more selective of B2C opportunities, and moving towards B2B, AI and software security solutions.
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