Fairbanc has raised $4.8m in pre-A round led by Vertex Ventures Southeast Asia and India.
The technology platform enables B2B BNPL for Indonesian micro-businesses. It is based in Indonesia and Silicon Valley.
Joining in the fun were Indonesian conglomerate Lippo Companies, Asian Development Bank (ADB) and Accion Venture Lab.
The Fairbanc platform means that Indonesian MSMEs can purchase inventory on BNPL credit in partnership with large consumer brands such as like Unilever.
Fairbanc has on-boarded over 350,000 merchants, with 75,000 already purchasing inventories on BNPL.
A recent survey conducted by Unilever revealed that 80% of the Fairbanc’s beneficiaries are unbanked and around 70% are women merchants who increased their sales by an average of 35% – thanks to data-driven BNPL enabled by Fairbanc’s technology.