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Cross-border payments start-up Transfez raises seed fund, plans B2B entry
The financial technology start-up plans to use the seed money to enter the B2B segment after posting steep growth in the first year since it was formed and in spite of the global pandemic.
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Chief technology officer Bondan Herumurti (left) and CEO Edo Windratno of Transfez pose with mobile phone displays showing the financial technology start-up's application. The company said on May 19, 2021 that it had secured seed funding it planned to use to expand its services to the business-to-business (B2B) segment. (-/Courtesy of Transfez)
Indonesian fintech start-up Transfez announced on Tuesday that it had secured an undisclosed amount in a seed round co-led by East Ventures and Singapore's Beenext.
Transfez said in a statement that the company planned to use the fresh funds to expand its cross-border payment services to the business-to-business (B2B) segment. The start-up’s services, covering 26 currencies and more than 50 countries, are currently limited to the business-to-consumer (B2C) segment.
“Transfez seeks to further build unique solutions and products tailored to Asian markets, specifically for Indonesia’s US$370 billion cross-border payments sector,” Bondan Herumurti, Transfez cofounder and chief technology officer, said in the statement.
Seed funding is typically the first money a start-up raises to grow its business, and is usually less than $10 million.
“We believe this fund will help the Transfez team in scaling technology, operations and other business needs,” said Beenext managing partner Hero Choudhary.
Aside from Transfez, the early stage venture capital firm has also invested in peer-to-peer lender Amartha, furniture and home decoration marketplace Dekoruma and education technology platform Zenius, all Indonesian start-ups.
