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The fintech startup Fairbanc's steps to expand to Indonesia is getting intensive. Moreover, they secured new funding for the pre-series A stage. Several investors involved including ADB Ventures, Accion Venture Lab, East Ventures, and Sampoerna Strategic Group.
The new funding was obtained after Fairbanc received an investment with undisclosed nominal from 500 Startups and Indonesian billionaire Michael Sompoerna earlier this year to expand its business coverage in Indonesia.
In its official statement, the company is said to scale up loans to MSME players in Indonesia with limited access to working capital. Previously, the World Bank estimated MSMEs credit shortage in Indonesia would reach $166 billion.
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