Transfez Secures Seed Funding Led by East Ventures and BEENEXT
There are currently many digital remittance players in Indonesia, and banks have started digitizing its remittance products
After announcing fundraising plan last year, the fintech platform Transfez that offers digital remittance services today (5/19) just finalized its seed round. This round was led by East Ventures and BEENEXT.
"We are very pleased to have two well-known investors supporting Transfez's mission. Currently, cross-border payments are complex due to different terms and payment channels in each country. As a result, transactions are expensive and time-consuming. Our goal is to simplify the complex process," Transfez' CEO, Edo Windratno said.
The company plans to use the fresh money for product development and market penetration. Currently, Transfez serves the B2C sector offering money transfer services to 26 foreign currencies in more than 50 countries. In addition, Transfez will also expand its services to the B2B payment sector in the near future.
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