Jeff App funding news- Latvia-based Jeff App Secures $2 Million in late-Seed Funding

Jeff creates an alternative data-driven platform for client assessments. In order to generate comprehensive client profiles, this system uses automation to gather, compile, and analyse digital traces, including user behaviour, device information, telecoms data, and IP address trends.

Simultaneously, the data gathering establishes a thorough assurance framework for the financial service providers, facilitating customised product-consumer matchmaking and providing actionable insights to enhance overall portfolio quality and lower fraud risk.

Read also - Adam Funding news – Czech-based Adam Secures €3 Million in late Seed Funding

By removing barriers that formerly prevented a large portion of the public from accessing financial services, Jeff expands the market for banks and lenders and advances the cause of equitable economic growth.

Jeff began operating in Vietnam in 2020 and has since spread to the Philippines, Mexico, and Indonesia. With the platform's accomplishment of surpassing a $10 million annual sales milestone, over 6 million individuals can now apply for over 60 million financial goods via its marketplace.

Toms Niparts, co-founder and CEO at Jeff, shared: “We’ve established a foundation for a geographic expansion playbook that allows for swift yet profitable expansion into new countries. Financially, we can now pursue new product categories that offer much greater market size and a faster path to becoming a household name in emerging markets.”

James Berdigans, the founder of Printify, a number of well-known angel investors, industry veterans Jean Pascal Duvieusart and Ladislav Bartonicek, and the specialised data and AI fund J12 also participated in the fundraising lead by Presto Ventures.

Roman Novacek, Partner at Presto Ventures: “At Presto, we’re strong advocates of and big believers in the use of AI, machine learning, and alternative data science – especially in markets where the traditional financial data landscape poses challenges. Once the Jeff team launches in India, they’ll have a footprint in 5 of the 20 largest countries in terms of population worldwide. In these countries, the segments of underbanked and financially underserved consumers are significant, and many similarities can be drawn among their systemic problems.”

Jean Pascal Duvieusart, Partner at BD Partners and an experienced veteran in emerging markets financial services, said: “Having worked in huge markets set for dynamic growth like Vietnam, Indonesia, Philippines, and others, I can say with absolute confidence that these large economies are on the verge of massive digitalization of financial services, creating very sizable opportunities for players like Jeff. I am bullish about what the company will achieve."

With the additional funding, Jeff will expand its business operations into India and other developing nations in Asia and beyond, hire more highly skilled software engineers more quickly, and expand the range of financial services and goods—including credit—that are offered on their marketplace.

About Jeff App

The financial superstore for Asia's underbanked people is Jeff App. Generating new prospects for businesses and millions of customers through the use of alternative data.