Latvian fintech Jeff raises $1.5m seed extension to support unbanked in Asia

Jeff App, the Latvian fintech startup providing a data-enabled loan brokerage platform for unbanked and underbanked customers in Asia, has closed a $1.5 million seed extension round led by J12 Ventures, bringing the total amount raised by Jeff App to $2.5M. Joining the round were iSeed Ventures and Toy Ventures, alongside existing investors EstBAN, Startup Wise Guys and other angels. 

The funds will be used to scale the team from 15 to 40+ employees, with an emphasis on high-caliber hires. The larger team will support faster new market expansion, growth in B2B sales and partnerships, and offline services.

Once operations in Indonesia and the Philippines are secured, the startup plans to offer their services in other underbanked countries in the ASEAN region, while not ruling out expansion to other parts of the world in the longer term.