LONDON, United Kingdom — March 15, 2024 — Finwise Technologies, a pioneering fintech company specializing in AI-driven financial inclusion solutions, today announced the successful closure of a $45 million Series B funding round. The investment will accelerate the company’s expansion into underserved Southeast Asian markets and further develop its proprietary alternative credit scoring technology that helps unbanked populations access formal financial services.
The funding round was led by Jungle Ventures with significant participation from existing investors Antler Global and SBI Investment, alongside new strategic backers including KB Financial Group and Cento Ventures. This brings Finwise Technologies’ total funding to $78 million since its founding in 2020.
More than 1.4 billion adults globally remain unbanked, with Southeast Asia alone accounting for approximately 290 million individuals lacking access to formal financial services. Traditional credit scoring models exclude these populations due to lack of banking history, despite many having stable incomes and strong repayment capacity through informal economies. Finwise Technologies addresses this gap by analyzing alternative data sources—including mobile usage patterns, utility bill payments, and digital footprint—to create accurate credit profiles for previously invisible borrowers.
“This funding represents a validation of our belief that financial inclusion is not just a social imperative but a massive market opportunity,” said Priya Sharma, CEO and Co-Founder of Finwise Technologies. “Traditional banks have spent decades building systems that systematically exclude large portions of the population. Our technology doesn’t just tweak existing models; it fundamentally reimagines how creditworthiness is determined in the digital age. With this capital, we can bring financial dignity to millions who have been locked out of the system simply because they lack a traditional paper trail.”
Key Features of Finwise Technologies Platform:
• Alternative Credit Scoring Engine — Proprietary AI algorithms analyze over 2,000 data points from non-traditional sources to generate credit scores with 93% predictive accuracy compared to traditional models, validated across 500,000+ borrowers.
• Digital Identity Verification — Biometric and behavioral authentication combined with government ID integration enables secure onboarding without requiring physical branch visits or extensive documentation.
• Micro-Lending Marketplace — Partners with 47 local financial institutions across Thailand, Vietnam, and the Philippines to match approved borrowers with appropriate loan products ranging from $50 to $5,000.
• Financial Literacy Integration — Embedded educational content delivered via SMS and mobile app helps first-time borrowers understand interest rates, repayment obligations, and basic financial management.
• Real-Time Risk Monitoring — Continuous monitoring of borrower behavior and external economic indicators allows lenders to adjust risk models dynamically and identify potential defaults before they occur.
Southeast Asia Expansion Strategy
The new funding will specifically target expansion across three key Southeast Asian markets where Finwise has already established pilot programs:
• Indonesia: Launching partnerships with three rural banking cooperatives serving 2 million members across Java and Sumatra, with plans to reach 500,000 micro-borrowers by Q1 2025.
• Vietnam: Scaling existing operations in Ho Chi Minh City and Hanoi to secondary cities and rural provinces, targeting 300,000 new borrowers through mobile-first onboarding.
• Philippines: Expanding partnerships with remittance centers and rural banks to serve overseas Filipino worker families who typically lack formal credit histories despite consistent remittance flows.
Impressive Growth Metrics
Since its commercial launch in 2021, Finwise Technologies has demonstrated strong traction:
• 500,000+ loans originated totaling $340 million in disbursed capital
• 94% repayment rate across all markets, comparable to traditional banking averages
• 47 financial institution partners across three countries
• 8.5 million users in the platform’s alternative credit database
• 3x year-over-year revenue growth for three consecutive years
“The Finwise team has cracked the code on something many have attempted but few have achieved: profitable, scalable lending to underserved populations,” said Wei Ling Tan, Partner at Jungle Ventures. “Their technology consistently outperforms traditional models in markets where conventional data simply doesn’t exist. More importantly, they’ve built trust with both borrowers and financial institutions, creating a true marketplace that benefits both sides. We’re thrilled to support their next phase of growth.”
Customer Impact Story
Maria Santos, a 42-year-old sari-sari store owner in Quezon City, Philippines, had never qualified for a bank loan despite operating her small business for over 15 years. “The banks always asked for paperwork I didn’t have—pay stubs, tax returns, credit history,” said Santos. “Finwise looked at my mobile load purchases, my sari-sari store’s delivery orders, and my consistent rent payments. Within 48 hours, I received a 30,000 peso loan that helped me triple my inventory before the holiday season. Now I’m building a credit history that will help me grow even more.”
About Finwise Technologies
Founded in 2020 by Priya Sharma (formerly product lead at Grab Financial Group) and Dr. Rajesh Kumar (PhD in machine learning from Imperial College London), Finwise Technologies is on a mission to democratize financial access for the world’s underserved populations. The company combines cutting-edge AI with deep on-the-ground understanding of emerging market dynamics to create financial infrastructure that works for everyone, not just the already banked. Finwise operates offices in London, Singapore, and Manila, employing 187 people across engineering, data science, and local operations teams.
Availability and Partnerships
Financial institutions interested in partnering with Finwise Technologies can visit www.finwise.tech/partners. Individual borrowers in target markets can download the Finwise app from the Google Play Store (iOS coming Q3 2024). The platform is currently available in English, Tagalog, Vietnamese, and Bahasa Indonesia, with Thai language support launching in June 2024.
Media Contact:
David Chen
Head of Communications
david.chen@finwise.tech
+44 20 7946 0238
www.finwise.tech/press
@david_finwise (X/Twitter)
Social Media:
• X (Twitter): @FinwiseTech (28K followers)
• LinkedIn: linkedin.com/company/finwise-technologies
• Instagram: @finwise.impact (behind-the-scenes and customer stories)
• YouTube: youtube.com/@finwisetechnologies
Investor Relations:
investors@finwise.tech
Hashtags: #FinwiseTech #FinancialInclusion #Fintech #SoutheastAsia #AlternativeCredit #AIforGood #Unbanked #DigitalFinance
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This press release is distributed by Finwise Technologies and is available on major wire services including Business Wire, PR Newswire, and AsiaNet. For high-resolution images, founder interviews, or case study access with Maria Santos, please contact David Chen using the information above.