Singapore, 18 December 2024 – Fairbanc, a Singapore and Silicon Valley-based fintech platform specializing in B2B supply chain financing in Indonesia, has secured $3.13 million (IDR 50 billion) in funding from Indonesian state-owned Bahana Artha Ventura (BAV). The investment will support Fairbanc’s expansion in SME lending and enhance its operations.
Bahana Artha Ventura, part of the state-owned IFG Group which manages over $20 billion in assets, focuses on fostering high-growth and innovative startups in fintech and technology. Agus Wicaksono, President Director of BAV, stated, “Fairbanc’s technology and data-driven approach to credit will enable us to target SMEs in need of growth capital. We are confident this partnership will evolve into a scalable SME lending platform for BAV.”
The funding comes as Fairbanc nears profitability, financing over 250,000 merchants across Indonesia. This investment adds to a
successful year for Fairbanc, with over $40 million raised from prominent investors, including SMBC, Pegadaian (BRI Group). Additionally, Fairbanc raised equity capital from the Asian Development Bank, East Ventures, OakDrive Venture, Lippo Group, 500 Global, Accion Venture Labs, and Indonesian billionaire Michael Sampoerna.
Agus Wicaksono, the President Director of BAV and Mir Haque, Founder & CEO of Fairbanc / Photo credit: Fairbanc
Fairbanc’s technology leverages AI and machine learning to extract credit scores by connecting with Big Data from the major brands’ ERP systems, including Unilever, Danone, and Nestlé. Founded in 2019 by Mir Haque, a Wharton MBA with experience at Google, Adobe, McKinsey, and Deutsche Bank, Fairbanc aims to address financial inclusion challenges in emerging markets. According to a Unilever survey, 80% of Fairbanc’s beneficiaries are unbanked, and 70% are women merchants who report a 35% average increase in sales due to Fairbanc’s BNPL technology.
Fairbanc-BAV Signing Ceremony / Photo credit: Fairbanc
With a mission to serve the fourth-largest unbanked population globally, Fairbanc views Indonesia as a launchpad for scalable credit solutions, with plans to expand into Vietnam and the Philippines in partnership with Unilever. “We see this as a tremendous opportunity to uplift millions of underserved merchants out of poverty while driving economic revitalization,” said Mir Haque, Founder and CEO of Fairbanc.
For media inquiries,
contact: mir@fairbanc.app
Singapore, Singapore
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