Singapore-based fintech startup IVITECH has successfully secured $200,000 in a pre-seed funding round led by Berlin’s GPS Ventures GmbH.
This investment comes just three months after IVITECH’s launch of a significant project in Indonesia, emphasizing the company’s quick impact and potential in the financial technology sector.
IVITECH operates as a SaaS FinTech firm utilizing a subscription model. By leveraging alternative scoring mechanics to analyze company profiles, the startup offers critical access to capital for small and medium enterprises (SMEs).
This approach is particularly beneficial for businesses like cabs, agribusinesses, mainline logistics, and trading platforms, often overlooked due to their higher risk profile in traditional banking systems.
A key initiative of IVITECH includes providing Indonesian ride-hailing drivers with daily subscriptions for electric bikes. This approach is aimed at replacing outdated, unsafe bikes that cause drivers to miss work due to frequent repairs.
By facilitating access to safer, reliable electric bikes, IVITECH hopes to enhance driver income, increase safety for passengers, and contribute to reduced air pollution in Jakarta.
The ambitious plan to provide 64,500 new electric bikes is aligned with the Indonesian government’s objective to boost electric vehicle use to 2.5 million by 2025.
“Our platform is open to any ride-hailing drivers who want to apply and get approved,” said Artem Moskalev, co-founder of IVITECH. “We’re thrilled to help Indonesian drivers get new electric bikes, thereby enhancing their efficiency.”
The successful pre-seed round will be used to upgrade customer experiences, enhance services, and develop IVITECH’s IT team. Looking ahead, the company plans to finalize a seed round in 2023 and expand its services to other Asian countries and sectors, with a keen focus on logistics.
IVITECH is charting its path to enter new markets, including Thailand, Vietnam, and Malaysia by the end of 2024, promising further growth in the region’s fintech sector.