Fairbanc has announced it has raised an undisclosed seven figures investment in a pre-Series A from ADB Ventures, the Asian Development Bank’s venture arm, Accion Venture Lab, East Ventures, Sampoerna Strategic Group, and others.
According to Fairbanc Founder and CEO Mir Haque, “what makes Fairbanc so unique compared to other fintechs is that it plugs into large consumer brands like Unilever’s vast merchant networks to offer ‘Buy Now Pay Later’ credit to tens of thousands of retailers without requiring any loan applications or smartphones. System integration into consumer brands’ distribution app allows Fairbanc to access merchants’ order and payment history, which in turn, allows Fairbanc to utilize advanced data science and machine learning to underwrite credit and grow merchant’s sales while keeping loan defaults and operating costs very low.”
Since Fairbanc’s inception in 2019, the startup has partnered with major FMCG firms, including Unilever, L’Oréal, and Danone.
“Fairbanc is empowering and future-proofing the many unbanked grocers who distribute Unilever products, a large percentage of whom are female,” said Francisca Ho, Head of Customer Development Finance at Unilever Indonesia. Fairbanc’s mission of financial inclusion “is aligned with Unilever’s purpose to enhance the livelihoods of millions of people as we grow our business.”
“By embedding their product into existing partner channels, Fairbanc is able to provide micro merchants seamless access to much-needed inventory financing solutions. Fairbanc’s work aligns strongly with our mission of supporting inclusive fintechs, and we look forward to working with the team to reach more micro and small businesses across Indonesia,” added Paolo Limcaoco, Southeast Asia Investment Officer at Accion Venture Lab.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.