Home FinTech Latvian Jeff App bags €840K in funding

Latvian Jeff App bags €840K in funding

Latvian Jeff App bags €840K in funding
Latvian Jeff App bags €840K in funding

Latvia, Europe-based fintech startup Jeff App announced in March 2021 that it has bagged approx. €840K in a funding round led by the Estonian Business Angels Network (EstBAN) syndicate. Other funding round participants include Startup Wise Guys, Taavi Tamkivi (Salv, ex-Transferwise and Skype), multiple Nordic investors and several angel investors from the Estonian mobility unicorn Bolt.

The startup will use the proceeds from the funding round to launch new products and drive growth in their first market Vietnam before expanding into other countries in Southeast Asia.

About the startup

Jeff
Jeff

Reinis Tenis and Toms Niparts founded Jeff App in 2019. Jeff is a personalized loan broker that matches borrowers and lenders through alternative data. This is achieved by integrating with am unremittingly growing number of data sources, using anonymous smartphone metadata and analyzing behavioural patterns. It leverages the customers’ digital footprint to produce a combined credit score and is on a mission to make the process smoother for both lenders and borrowers.

Toms Niparts explained further that Jeff helps its users to begin building credit history based on their digital footprint, something that is otherwise difficult in a market where 70% of transactions are still done in cash. He also said that the more Jeff is used, the more they can learn and innovate with new products. Ultimately, he says that they want to develop Jeff into a financial super app delivering a range of products other than loans, such as insurance, mass-adopted digital credit score, and even go beyond finance by including a range of utility functions.

The startup achieved 60X growth within the first 12 months itself and plans to enter other major economies in South and Southeast Asia.

Statements from the stakeholders

Ivo Remmelg, President of EstBAN said starting out in the backdrop of a global pandemic, Jeff App’s team managed to gain the trust of a substantial user base and, most significantly, a notable number of financial institutions. He added that the two things that set them apart from other companies are the team’s roots and deep understanding of the fintech sector and their ability to adapt and execute.

Cristobal Alonso, Global CEO of Startup Wise Guys said they believe Jeff App has the capability to make a noteworthy impact on the lives of millions and promote financial inclusion in Asia. He added that theirs is an exceptionally driven team and that his firm is proud to back them in making it happen.

Previously, the startup had raised around €150K in a pre-seed funding round, which was backed by a number of European business angels in 2020.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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