fintech companies surfing has raised $12.5 million in Series A funding from Insignia Ventures Partners.
Surfin started with consumer finance and has since expanded to a variety of financial services, including payments, money transfers, credit card issuance, and wealth management.
The company leverages AI and data analytics to support its operations and enable the delivery of scalable financial services tailored to the needs of the underserved middle class.
Founded in 2017, Surfin is headquartered in Singapore and currently operates in nine countries including Indonesia, Vietnam, Mexico, Philippines, Nigeria, Kenya, India, Uganda and Australia.
Surfin reported facilitating approximately USD 2.7 billion in transactions and reaching 60 million users across three continents.
This latest round of funding marks Surfin’s first outside investment after operating in-house since its inception.
Surfin plans to expand its financial services with the aim of reaching a wider range of consumers at different income levels.
The company intends to offer a wider range of products, including robo-advisors and money transfers, in an effort to further expand its presence in the market.
Surfin has secured multiple licenses in various jurisdictions, with Indonesia being its largest market and holds licenses for P2P lending, mutual fund distribution, and money transfers, while a payment gateway license is currently pending approval. is.
The company also introduced key products such as Ayovest, an Indonesian mutual fund trading platform that allows young novice investors to start with a minimum investment as low as Rp 10,000.
It also partnered with Visa to launch a credit card service, Sufinc, in Mexico, allowing customers to make payments worldwide with no annual fees.
Its advisory board includes Nobel Prize-winning economist Michael Spence and former SGX executive Mohamed Nasser Ismail.
Dr. Yanan Wu, CEO and Founder of Surfin, said:
“Surfin’s vision has always been to build an ecosystem of financial technology services on top of existing scalable and sustainable risk management systems powered by AI and big data. The system has already been stress tested with user behavior.
We recently leveraged this system to launch remittance, payments, wealth management, and credit card services, further deepening our mission of financial inclusion across the markets we already serve. ”
Yinglan Tan, founding managing partner of Insignia Ventures Partners, added:
“Surfing represents two important changes in the way companies grow from Southeast Asia. The company is headquartered and operates in the region, but early on it expanded to multiple countries and expanded its global reach. The company also leverages the wave of industry-changing AI to provide more equitable access to credit for the unbanked.
Our combination of proven multi-market reach, multi-jurisdictional licensed products and robust risk management capabilities uniquely positions us to scale in a highly competitive and difficult-to-scale space. You can. Its operational track record is even more impressive when you consider that it has been operating in-house. ”
Featured image credit: Edited from freepic
