Indonesian FinTech app UpBanx scores pre-seed round

Indonesian FinTech platform UpBanx has reportedly collected $5.2m in a pre-seed funding round to prepare for its market expansion efforts.

Y Combinator and Alpha JWC served as the co-lead investors, with commitments also coming from Alto Partners Multi-Family Office and Number Capital, according to a report from DealStreetAsia which cites UpBanx co-founder and CEO Wafa Taftazani.

The round was also supported by angel investors, including Oliver Jung, Horizon Ventures investment director Frances Kang and Fazz Financial Group co-founder and CEO Hendra Ventures, as well as content creators Raffi Ahmad and Nagita Slavina.

With the close of the round, the FinTech company is now looking to accelerate its product development and business growth.

UpBanx is a financial technology platform aimed at content creators, freelancers and brands. Its app is designed to help manage money, get financing, grow commercial partnerships, launch digital assets and raise investments.

Users can open a free business account with up to 8% per annum on your deposit. In addition to managing money, they platform can help track workflows, including brief discussions, contracting, invoicing, delivery and payment.

The company hopes to launch its services in 2022.

UpBanx claims to have reached a valuation of $120m.

Several Indonesian FinTech companies raised capital in 2021. Flip, which helps consumers send money securely without any transaction fee, raised $48m in its Series B funding round.

Another Indonesian FinTech company to recently close funding was Fuse, which raised $25m in its Series B+ round. The company helps consumers buy an array of insurance policies.

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