Finfra, an Indonesian embedded lending API startup, has announced a strategic partnership with Singapore-based digital lender Tyme Group, alongside securing a $2.5 million funding round led by Cento Ventures, according to a statement on Tuesday.
The funding round, which brings Finfra’s total raised capital to $4.3 million, saw participation from Accion Venture Lab, Z Venture Capital, Matiss Ansviesulis (founder of Avafin), and existing investors.
The strategic partnership marks Tyme Group’s entry into Indonesia, extending its Southeast Asia presence beyond existing operations in the Philippines. Tyme Group, known for TymeBank in South Africa and GoTyme Bank in the Philippines, will leverage Finfra’s API-driven infrastructure to deliver embedded lending solutions to Indonesia’s rapidly digitalising SME sector.
Headquartered in Singapore, Tyme also has a technology and product development hub in Vietnam, to design, build, and operate digital banks, with a particular expertise in emerging markets.
“Partnering with Tyme Group is a key milestone that validates our thesis and allows us to work with almost any digital platform that wants to embed lending. As more businesses embed lending services and products, and lenders eye the Indonesian market, our platform’s ability to connect both sides is transformative,” said Markus Prommik, CEO and co-founder of Finfra.
He also noted that this collaboration puts Finfra on the path to profitability and strengthens its mission to drive financial inclusion and expand sustainable financing options in Indonesia.
Coen Jonker, executive chairman at Tyme Group, says “Southeast Asia is a central part of Tyme Group’s growth strategy, and Indonesia has long been a goal for our group. Partnering with Finfra allows us to tap into Indonesia’s immense SME segment by leveraging their robust embedded lending infrastructure and network within digital platforms [..].”
Indonesia’s government aims to digitalize 30 million micro, small, and medium-sized enterprises (MSMEs) by 2025, up from the current 24 million digital businesses. This transformation has created a growing demand for accessible credit solutions, particularly through embedded lending platforms.
This model has proven successful in various markets and, as alternative lending resurges, embedded lending offers a more sustainable, scalable, and less risky solution than traditional methods.
Finfra’s platform allows non-financial platforms to easily integrate lending, unlocking new revenue streams and better serving their user base. Its comprehensive, API-driven infrastructure offers a full loan management system, scoring, portfolio analytics, and access to debt capital while ensuring regulatory compliance through its licensed affiliate.
International lenders like Tyme can leverage Finfra’s platform to scale embedded lending solutions, such as merchant cash advances in Indonesia to serve the growing credit needs of underserved businesses.
Founded in 2022, Finfra says it has facilitated over $65 million in credit to underserved Indonesian businesses to date. The company has doubled its client base since its last funding round and projects to more than double its quarterly gross profit in Q4 2024 compared to the previous year.
To strengthen its technical capabilities, Finfra recently appointed Hadi Tanzil, former co-founder of EmpatKali and Xendit alumnus, as chief technology officer.
The company plans to use the new funding to enhance its data analytics and risk assessment products while expanding its customer base, which includes Indonesian technology companies GoCement and Mekari. Additionally, enhances its data analytics, scoring and risk assessment products.
To support its lending activities, last year the company fully acquired a P2P lending startup Danabijak. Prommik serves as the president director there.
