Jeff App, a pioneering marketplace for financial inclusion based in Latvia, has successfully raised $2m in late-Seed financing.
The investment round was led by Presto Ventures, with significant contributions from existing investors, including the specialist data and AI fund J12, according to a report from Tech.eu.
Notable industry veterans and angel investors such as Jean Pascal Duvieusart, Ladislav Bartonicek, and Printify founder James Berdigans also participated.
The company operates a unique platform that enables populations traditionally underserved by financial services to access various credit solutions. Jeff App leverages advanced automation to collect, aggregate, and analyze vast amounts of alternative data, including user behavior, device specifics, telecommunications data, and IP address patterns. This data-driven approach helps create detailed client profiles, facilitating a more personalized match between consumers and financial products.
The fresh capital will be used by Jeff App to continue its aggressive expansion into new markets, with India being the next target. This expansion is part of a broader strategy to make financial services accessible to underserved segments in some of the world’s most populous countries. Additionally, the funds will aid in accelerating the recruitment of top tech talent and the development of new financial products, such as various credit options, on their platform.
Since launching in Vietnam in 2020, Jeff has extended its services to other significant markets, including the Philippines, Mexico, and Indonesia. The platform has already reached an impressive milestone, generating over $10m in annual revenue and facilitating access to more than 60 million financial products for over 6 million users.
Toms Niparts, co-founder and CEO at Jeff, expressed his optimism about the company’s future, stating, “We’ve established a foundation for a geographic expansion playbook that allows for swift yet profitable expansion into new countries. Financially, we can now pursue new product categories that offer much greater market size and a faster path to becoming a household name in emerging markets.”
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