Surfin, a FinTech company dedicated to the middle class, has successfully raised $12.5m in a Series A funding round led by Insignia Ventures Partners.
This marks the first external investment for Surfin since its founding in 2017, having previously bootstrapped its operations.
The company, which offers a broad range of financial services, including consumer lending, payments and remittance, credit card issuance, and wealth management, has raised this substantial amount to continue its mission of empowering the financially underserved. Surfin leverages advanced AI and analytics to provide transparent and innovative financial solutions, catering to a growing demographic that is often overlooked by traditional financial institutions.
With operations across eight countries including Indonesia, Mexico, the Philippines, Nigeria, Kenya, India, Uganda, and Australia, Surfin has made significant inroads into these markets, particularly in Indonesia. Here, it holds licenses for P2P lending, mutual fund distribution, remittance, and payment gateway services. This funding will help Surfin enhance its existing services and expand into new areas, ensuring sustainable growth and a deeper impact on financial inclusion.
The new capital will be utilized to further develop Surfin’s technology and expand its suite of financial products. Dr. Yanan Wu, founder and CEO of Surfin, emphasized the importance of this funding in scaling the company’s services. “Surfin’s vision has always been to build a financial technology services ecosystem on top of our scalable and sustainable risk management system, powered by AI and big data,” Dr. Wu explained. This system has already been proven effective, having been stress-tested by the behavior of 60 million users across three continents.
In addition to expanding its services, Surfin has recently launched new offerings in remittance, payment, wealth management, and credit card services, furthering its commitment to financial inclusion in its operational markets.
Dr. Wu provided insights into the company’s future plans and the impact of the new funding: “Recently, we’ve leveraged this system to launch remittance, payment, wealth management, and credit card services, deepening our mission of financial inclusion in the markets where we operate.”
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