Fintech platform for the underserved middle class Surfin raises US$12.5 million from Insignia Ventures Partners, as it sustainably uplifts 60 million lives across 3 continents

SINGAPORE, Oct. 9, 2024 /PRNewswire/ -- Surfin, a financial technology platform dedicated to serving the underserved middle class, has raised $12.5 million from Insignia Ventures Partners. This funding round comes as Surfin announces its service to 60 million individuals across eight countries on three continents, with approximately $2.7 billion in cumulative transactions.

Founded in 2017 and headquartered in Singapore, Surfin began with consumer lending and expanded into a suite of financial services including payments and remittance, credit card issuance, and wealth management. Leveraging AI and analytics, Surfin is committed to offering an ecosystem of transparent and innovative financial services to the growing middle class that is often overlooked by traditional banking systems.

The company has a significant presence in Indonesia, Mexico, Philippines, Nigeria, Kenya, India, Uganda, and Australia. In Indonesia, its largest market, Surfin holds licenses for P2P lending, mutual fund distribution, remittance, and payment gateway services.

This Series A round marks Surfin's first external funding since its inception, having been bootstrapped and self-financed without any third-party debt.

Surfin's Founder and CEO, Dr. Yanan Wu, said: "Surfin's vision has always been to build a financial technology services ecosystem on top of our scalable and sustainable risk management system, powered by AI and big data. This system has been stress-tested by the behavior of 60 million users across three continents. Recently, we've leveraged this system to launch remittance, payment, wealth management, and credit card services, deepening our mission of financial inclusion in the markets where we operate."

In 2023, Surfin launched Ayovest in Indonesia, a mutual fund trading platform designed for young, first-time investors to invest productively and safely, starting from as low as IDR 10,000. Ayovest has been operating under the license of the OJK since its inception.

Also in 2023, Surfin established its credit card business in Mexico, "Sufinc," in partnership with Visa. Sufinc offers a credit card designed to strengthen Surfin's consumer finance presence in Central America, with flexible payment terms, no annual fees, and global acceptance.

Seasoned Finance Executives Drawn to Surfin's Mission of Financial Inclusion in the Era of AI

More than 2500 people across the globe have joined Dr Wu on Surfin's mission. Its leadership team includes former Shopee, Akulaku, and Baidu executives. Surfin is also advised by a board composed of accomplished, multi-hyphenate finance

Surfin's Board Member, Nobel laureate Michael Spence, commented:"Surfin has the potential to reshape financial mobility and inclusion for millions of families globally. I have a long-standing interest in asymmetric information in markets and the challenges it presents. Surfin's approach to addressing the information challenges of credit access through AI and data science is innovative and much-needed. It's a privilege to support its mission of advancing financial inclusion."

Surfin's ecosystem of products is powered by a unified credit scoring engine, enabled by AI and data analytics. This core technology allows Surfin to lend sustainably at scale across different geographies and enter new financial service use cases.

Surfin's ambitions to scale its consumer loans business and reach more consumers across income classes with a full suite of products, from robo-advisory to remittances, laid the groundwork for the partnership with Insignia Ventures Partners and Surfin's first round of institutional funding.

Founding Managing Partner Yinglan Tan shares, "Surfin represents two key shifts in the way companies are growing from Southeast Asia. It is a company headquartered and operating in the region, but with a multi-country presence and global ambitions from early on. It is also a company leveraging the wave of AI transforming industry to deliver more equitable credit access to the underbanked. In a space that is highly competitive and challenging at scale, this combination of proven multi-market entry with licensed multi-jurisdiction products and robust risk management capabilities positions them in a unique place to scale. Their operational track record is more impressive considering they have been bootstrapped thus far. We are privileged to be working with Dr Wu and his team to scale their financial services ecosystem further, both in terms of reach and use cases."

Know More About Surfin: https://www.surfin.sg/

Article: https://review.insignia.vc/2024/10/08/surfin-series-a/

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Fintech platform for the underserved middle class Surfin raises US$12.5 million from Insignia Ventures Partners, as it sustainably uplifts 60 million lives across 3 continents

Fintech platform for the underserved middle class Surfin raises US$12.5 million from Insignia Ventures Partners, as it sustainably uplifts 60 million lives across 3 continents

Fintech platform for the underserved middle class Surfin raises US$12.5 million from Insignia Ventures Partners, as it sustainably uplifts 60 million lives across 3 continents

Fintech platform for the underserved middle class Surfin raises US$12.5 million from Insignia Ventures Partners, as it sustainably uplifts 60 million lives across 3 continents

Fintech platform for the underserved middle class Surfin raises US$12.5 million from Insignia Ventures Partners, as it sustainably uplifts 60 million lives across 3 continents

SINGAPORE, Oct. 10, 2024 /PRNewswire/ -- Delta, a global leader in power management and provider of IoT-based smart green solutions, is highlighting the importance of integrated solutions at the seventh edition of Industrial Transformation ASIA-PACIFIC (ITAP 2024). Showcasing its modular and integrated portfolio designed to optimize processes and space, address labor shortages, and enhance power dispatch and renewable energy smoothing, Delta will feature key products such as the DIATwin Virtual Machine Development Platform, intuitive building management systems, and its Energy Storage System (ESS).

"Delta is at the forefront of developing integrated solutions that drive energy efficiency and sustainability. Our focus on advanced technologies ensures we deliver smarter systems for a greener future, addressing the growing demand for clean energy and intelligent infrastructure," said Mr. PS Tang, General Manager, Delta Electronics, Singapore.

"ITAP 2024 provides a strategic avenue for Delta to collaborate with industry leaders and explore new opportunities for industrial efficiency and sustainability across the Asia Pacific region. By showcasing our technologies, we aim to help companies optimize operations while reducing their environmental footprint, building a smarter, more sustainable industrial future," said Mr. David Leal, Regional Vice President of SEA Business, Delta Electronics.

Core Technologies Focus: Virtual Simulation, Building Automation, and Energy Storage Solutions

As the market shifts towards low-volume, large-variety production, Delta's smart manufacturing solutions tackle challenges in production efficiency and sustainability. The Digital Twin Solution, featuring the DIATwin Virtual Machine Development Platform and the Reconfigurable Transformer Machine, enables engineers to optimize production virtually, enhancing coating quality and reducing programming time.

Similarly, Delta's building automation systems ensure easy solutions for energy management and smart workspaces. These include programmable controllers, touch panels, and IoT interfaces that make offices more integrated. For example, the Delta Intelligent Meeting Room Control allows the activation of a single button to lower the blinds, adjust the temperature, dim the lights, and start a presentation— to create the ideal environment for discussions in a meeting room.

At ITAP 2024, attendees can explore the ESS, created to enhance energy efficiency and support sustainable practices. The ESS helps manage power use effectively, balancing energy demand while optimizing the use of renewable sources. Delta's ESS combines advanced battery technology with cloud management to provide reliable storage of renewable energy for homes, businesses, and utilities. The user-friendly system helps users save on energy costs while supporting a greener future.

Delta will also showcase its Linear Pocket Actuator LPL Series, designed to improve production efficiency in the electronics and semiconductor industries. This system works seamlessly with Delta's AC Servo System, allowing for precise pick-and-place operations at high speeds. By ensuring the gentle handling of delicate materials, it minimizes damage risk and ensures precision placement, making it essential for manufacturers seeking to enhance quality, speed, and accuracy.

Additionally, ITAP 2024 attendees should check out Delta's AIDEN (Autonomous Intelligence for Delivery and Engagement) service robot, developed by the Delta Research Center. AIDEN operates in existing spaces without requiring building modifications, offering time and cost efficiency. With human-like abilities—such as pressing elevator buttons, navigating multi-floor areas, and yielding to people—it ensures smooth, safe movement. Equipped with AI-powered vision, cameras, and sensors, AIDEN adjusts to real-time obstacles and responds intuitively, making it a cutting-edge robotics solution.

ITAP 2024 runs from October 14-16 at the Singapore Expo. Visit Delta's booth at Hall 3, 3G11. Learn more about Delta Electronics here.

ABOUT DELTA ELECTRONICS INT'L (Singapore)
The company is a wholly owned subsidiary of Delta Electronics, Inc.

ABOUT DELTA
Delta, established in 1971, is a global leader in switching power supplies and thermal management products. The company offers a diverse portfolio of energy-efficient solutions in industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage, and display technologies, all aimed at fostering smart manufacturing and sustainable urban development.

Since 2011, Delta has been listed on the DJSI World Index of Dow Jones Sustainabilityâ„¢ Indices for 13 consecutive years. It has also received the CDP double A List three times for its significant contributions to climate change and water security, and has been named a Supplier Engagement Leader for seven years running. Guided by its mission "To provide innovative, clean, and energy-efficient solutions for a better tomorrow," Delta uses its expertise in high-efficiency power electronics and an ESG-focused approach to tackle key environmental challenges. The company serves its customers through a network of sales offices, R&D centres, and manufacturing facilities in nearly 200 locations across five continents.

For more information on Delta, please visit: www.deltaww.com.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

DELTA ELECTRONICS SHOWCASES INTEGRATED SOLUTIONS TO DRIVE A SMARTER AND MORE SUSTAINABLE WORLD AT ITAP 2024