Influencer Focused FinTech Startup UpBanx Raises $5.2M In Pre-Seed Round
An Indonesia-based Fintech startup Up Banx which helps influencers in managing their workflow and finances successfully nets the US $5.2 M in the latest pre-seed round led by Y-Combinator.
The Fintech startups successfully garnering attention and investments in the previous year are all ready to do so in 2022 too. As Indonesia-based Up Banx in the latest turns of events gathers funding of US $5.2 million in a pre-seed round led by Y Combinator. With the inclusion of UBI capital, Alto Partners, Alpha JWC Ventures, Number Capital, Digital Rantai Maya (DRM). The other local influencers Nagita Salvina and Raffi Ahmad also took part.
The fintech industry is on the exponential rise and it seems like this growth at no point is going to deaccelerate. This eventually means the rise in the development of fintech apps and software. That offers people easy, accessible, and innovative solutions to meet their financial needs. Thus, by promoting the financial inclusion of segments that often go underlooked.
All in all, fintech is going to grow with more expediency. As per the fintech industry statistics, the worth of digital payments made via fintech is expected to reach $6.7 trillion by 2023 with a CAGR of 12.8%.
This is one of the main reasons that young fintech startups like UpBanx which began its operations in the month of June of last year is grabbing investments as well as attention from investors. The startup was founded by Hendri Wijaya, Wafa Taftazani, and Alif Jafar Fatkhurrohman.
The startup aims to aid content creators, freelancers, agencies, and artists in getting their work discovered. It offers the management of their workflows and finances. It will also help its clients in getting finances, providing them with chances of growing on commercial partnerships by the launch digital assets, and furthermore raising investments.
UpBanx wants to unleash the world’s creative potential by easing the financial difficulties by supporting the creators’ economy. Believe it or not, the creator economy mirrors the global economy. As last year the global influencer market was expected to reach $3 billion.
The startup with the injection of this funding now claims to reach the valuation of $120 million which makes it the fastest-growing startup to reach this figure in Indonesia, the firm claims. The fintech company plans to utilize the funding for the further development of its product and business growth.
Presently, it is an invite-only platform that enables users to open a business account to store their earnings. Although in March of this year the company plans to release discoverability, financing features, and workflow management. The company further plans to launch its digital assets and raise more funding from investors by 2023.
Globally, the fintech startups last year had their robust standing and no doubt they are changing the world’s financial landscape. By offering state-of-the-art contemporary financial solutions. As Earnr the fintech firm in the UK last year launched a bookkeeping app and gathered around £650,000 in a funding round led by 7percent Ventures with the participation of Antler and FJ Labs. Similarly, in Africa’s Kawara launched neo banking apps for modernizing the financial services in Kenya.
The Middle East, the land of budding startups is also not behind in the field of fintech. As of last year, the rapidly growing startup Lamaa in Saudia Arab that provides financing solutions such as supply chain finance and the popular B2B option “buy now pay later” to SMEs raised $5.5 million in its seed round co-led by Raed Ventures and Saudi Aramco’s entrepreneurship arm Wa’ed.