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6 undiscovered Fintech Startups in Southeast Asia VCs Should Keep an Eye on

Southeast Asia is the world’s fastest-growing region in terms of Internet users. The region’s Internet economy is expected to be worth US$200 billion by 2025 with the biggest portion going toward e-commerce.

Investors are also excited about fintech, which promises to bring financial services to Southeast Asia’s unbanked.

Southeast Asian startups like Fastacash, Lenddo, TradeHero and Ayannah have raised millions in funding and gained international recognition. But there are also lesser-known fintech ventures that are worth keeping an eye on.

Claim Di (Thailand)

Bangkok-based Claim Di has developed a mobile application for facilitating communication and claims between drivers and their insurance companies.

The drivers or car owners can download Claim Di and shake the phone near the phone of another party who also uses Claim Di. The insurance companies of both sides will issue claim reports via Claim Di application, drivers can then separate immediately without the need to wait for surveyors.

Claim Di has raised US$2 million so far from Cyber Agent Ventures, 500 Startups, Golden Gate Ventures and DTAC.

CredoLab (Singapore)

Based in Singapore and founded in 2016, CredoLab is a fintech startup specializing in alternative credit scoring. CredoLab partners with banks and retail lenders to improve financial access in unbanked populations through alternative data use and collation of mobile touch points.

The company provides a smartphone-based credit scoring solutions for consumer lenders. Its mobile app, called CredoApp, is used during the loan application process and provides CredoLab with a snapshot of the customer’s digital footprint. The app has an Annualized Run-Rate of 2.5 million downloads. In combination with historical client credit data, this enables the development of robust Big Data-based highly predictive scorecard which clients can use for their credit decisioning process.

CredoLab has raised over US$1 million in funding so far. CredoLab was seeded and developed by FORUM, the largest fintech venture builder in emerging Asia. The company is active in various fast growing South East Asian markets.

FinAccel (Indonesia)

FinAccel is a fintech company based in Jakarta that creates products in retail credit for Southeast Asia.

The startup’s first product, called Kredico, gives e-commerce shoppers instant credit financing based on real-time decisioning. It allows them to buy now and pay later without any interest or fees. For ecommerce merchants, Kredivo enables instant Point of Sale (PoS) financing with a unique 2-click purchase option.

FinAccel has raised over US$1 million so far from 500 Startups, Jungle Ventures, Alpha JWC Ventures and other VCs.

Jurnal (Indonesia)

Jurnal is an Indonesian startup that delivers web-based accounting solutions for small and medium-sized businesses. The platform simplifies administrative processes to only the essentials, offering simple online accounting software, online accounting, online tax and online bookkeeping.

Jurnal can be used on any computing devices equipped with a browser and Internet connection.

The startup is backed by East Venture and Tech in Asia.

Refinn (Thailand)

Thailand-based Refinn provides a platform that helps homeowners lower their debt by refinancing their houses.

The platform has aggregated more than 80 promotional schemes for refinancing package for each consumer. It helps mortgage lenders significantly cut interest costs and shorten loan repayment periods. To date, the platform has received more than 3.5 billion baht in mortgage debt submitted by consumers.

The company makes money from document processing fees and advertising.

StoreHub (Malaysia)

StoreHub is a Malaysian startup that offers a cloud-based iPad POS system with inventory management, CRM and reporting accessed via a responsive backend. All data is stored on the cloud ensuring real time access to reports, giving the business owner a finger-on-the-pulse approach to managing their business.