Latvian BADideas.Fund and Lithuanian Firstpick invested in Indonesian fintech Finfra
Latvian BADideas.Fund and Lithuanian accelerator and fund Firstpick investedin Indonesian fintech Finfra. A $1M investment round was also backed by Singapore venture fund DSX Ventures, Cento Ventures and non-profit organization Fintech Nation, Swiss investment firm Seedstars International Ventures, and Silicon Valley-based Hustle Fund.
Finfra was founded in Jakarta in May 2022 by Reinis Simanovskis and Markus Prommik. The company provides infrastructure and services for underbanked businesses and non-financial companies so they can integrate financial services (for example, lending) into their distribution channels. Finfra offers a complete loan management system, scoring, portfolio analytics, and access to debt capital.
The startup will use the investment to accelerate product development and grow its engineering, data, and finance teams to boost revenue and become a leading provider of its lending service solution to companies in Indonesia and across Southeast Asia.
Earlier, the founders established a company Danabijak, which now operates as a subsidiary of Finfra and has a permanent license as a fintech platform. Finfra has clients in the logistics industry, MSMEs (micro, small and medium-sized enterprises), and e-commerce platforms for merchants.
BADideas.fund is a Latvian fund, launched in April 2022. It focuses on pre-seed and seed-stage startups from Baltics and CEE region. The typical ticket size is €100K. The fund has more than 40 business angels, founders, executives, and employees of Bolt, Vimeo, Printify, PandaDoc, Pipedrive, and others.
Venture capital firm Firstpick was established by an ex-Lithuanian team of Estonian accelerator StartupWiseGuys. Firstpick aims to support 45 startups over the coming three years. In its accelerator, it offers from €50K to €100K. The volume of the fund is €20M. The Partners of Firstpick are Jonė Vaitulevičiūtė, @marijusan Marijus Andrijauskas, Andra Bagdonaite.Finfra participated in its second acceleration program, which started in March 2023.
