Singapore-based fintech platform, Jenfi, has raised $6.6 million in a pre-Series B funding round led by Headline Asia. The platform, known as a “growth-capital-as-a-service” provider, offers revenue-based funding to online firms, with funds typically distributed within a day. Since its establishment four years ago, Jenfi has provided over $25 million in non-dilutive cash to more than 600 companies. Clients of the platform include Gushcloud, Ralali, Hello Health, Lamer Fashion, Buy2sell, and Mystifly. The newly raised funds will be used to expand Jenfi’s customer base in Singapore, Vietnam, and Indonesia, as well as enter other Southeast Asian countries such as Malaysia, the Philippines, and Thailand. The company also plans to enhance its credit underwriting and risk assessment capabilities, including its proprietary risk assessment engine.
Jenfi was founded in 2019 by Jeffrey Liu and Justin Louie, who previously sold their fitness marketplace GuavaPass to ClassPass. The idea behind Jenfi’s “growth capital as a service” approach stemmed from the founders’ observation that online business owners, including e-commerce sellers, SaaS providers, and consumer tech suppliers, often faced challenges in securing financing from traditional banking institutions for their expansion needs. With its revenue-based funding model, Jenfi aims to bridge this gap and provide quick access to capital for online businesses.
The recent funding round, led by Headline Asia, saw participation from Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures. This funding will not only support Jenfi’s expansion plans but also enable the company to enhance its credit underwriting and risk assessment capabilities. Improvements to its proprietary risk assessment engine will further strengthen the platform’s ability to assess the creditworthiness of potential borrowers and manage associated risks.
Jenfi’s focus on Southeast Asia as its target market aligns with the region’s growing e-commerce and digital economy. With the rise of online businesses in countries like Singapore, Vietnam, Indonesia, Malaysia, the Philippines, and Thailand, there is a demand for alternative financing solutions that can cater to the unique needs of these companies. By offering revenue-based funding, Jenfi provides a flexible and accessible financing option for online businesses that may not meet the traditional criteria set by banks.
The platform’s ability to distribute funds within a day sets it apart from traditional banking institutions that typically have longer processing times and more stringent requirements. This speed and flexibility make Jenfi an attractive option for online businesses looking to seize growth opportunities quickly. By providing capital without diluting ownership, Jenfi also allows businesses to maintain control and focus on scaling their operations.
Jenfi’s track record of providing over $25 million in funding to more than 600 companies demonstrates its ability to support the growth of online businesses. By leveraging its experience and expertise in the digital lending space, the platform aims to expand its customer base and establish a stronger presence in Southeast Asia. The additional funds raised in this funding round will help fuel Jenfi’s expansion plans and enable it to reach more online businesses in the region.
Overall, Jenfi’s recent funding round highlights the growing demand for alternative financing solutions in the Southeast Asian market. With its revenue-based funding model and quick distribution of funds, the platform offers a valuable service to online businesses looking to finance their expansion and growth. By expanding its operations and improving its risk assessment capabilities, Jenfi is well-positioned to capitalize on the opportunities presented by the region’s booming e-commerce and digital economy.