Jenfi, the eCommerce and SaaS platform founded in Singapore in 2019 by Jeffrey Liu and Justin Louie, has recently unveiled its revenue-centric financing capability, allowing online businesses to access funds within just one day. This exciting development comes after Liu and Louie’s successful exit from startup GuavaPass, which was acquired by ClassPass.
To support its growth and innovation, Jenfi has secured $6.6 million in pre-Series B funding from Headline Asia. Alongside Headline Asia, several existing and returning investors have also participated in this funding round, including ICU Ventures, Korea Investment Partners, Granite Oak, Atlas Ventures, Golden Equator Capital, and Monk’s Hill Asia. These investors were also involved in leading Jenfi’s Series A funding round two years ago.
Since its establishment four years ago, Jenfi has raised over $25 million in non-dilutive capital, benefitting approximately 600 companies. Among its customers are notable brands such as Buy2sell, Mystifly, Ralali, Lamer, Hello Health, Gushcloud, and Fashion.
The newly acquired funding will primarily be used to expand Jenfi’s market presence in other Southeast Asian countries, including Malaysia, Vietnam, Indonesia, Thailand, Philippines, and Singapore. Additionally, the funds will be allocated towards enhancing credit underwriting and risk assessment and management, leveraging the power of Jenfi’s proprietary risk assessment engine.
Businesses can request financing ranging from $10,000 to $1 million from Jenfi, enabling them to fuel their marketing initiatives, manage inventory, and launch growth campaigns. Jenfi’s approval process for lending decisions is facilitated by their proprietary risk assessment engine, which integrates with various data sources. These sources include payment gateways, accounting software, eCommerce platforms, digital advertising channels, and online marketplaces.
Over time, Jenfi plans to incorporate locally sourced data into its risk management platform. For instance, data from selling management platform Haravan and POS management software KiotViet in Vietnam will be integrated to further enhance risk assessment accuracy.
Jenfi’s revenue-centric financing solution empowers online businesses to access capital quickly and efficiently, supporting their growth and expansion plans. With its successful funding round and expanding market reach, Jenfi is poised to play a significant role in fueling the growth of Southeast Asian businesses in the eCommerce sector.