East Ventures on Instagram: "Fairbanc, an AI-powered platform, announced it has raised an undisclosed seven figures investment in a pre-series A round from East Ventures, ADB Ventures, the Asian Development Bank’s venture arm, Accion Venture Lab, Indonesian billionaire Michael Sampoerna, and others. The new investment will enable Fairbanc to scale up access to credit for Indonesia’s small retailers, many of whom struggle to access working capital. Fairbanc partners with large Fast-Moving Consumer Goods (FMCG) companies such as Unilever to offer a ‘pay-later’ option through its AI-powered credit scoring that allows instant microcredit decisions. The credits help the unbanked and underbanked merchants with revenue growth by enabling them to increase inventory. Additionally, the startup also has partnered with major FMCG firms, including Unilever, L’Oréal, and Danone, to help MSMEs grow their sales by over 35% while limiting nonperforming loans to near-zero. "Supporting Fairbanc is aligned with our mission to bring financial inclusion to millions of unbanked merchants in Indonesia. We believe Fairbanc is a strong addition to accelerate supply chain financing adaptation in Southeast Asia," said Melisa Irene, Partner of East Ventures. Read more: bit.ly/EV-Fairbanc"