Round includes follow-on investment from existing shareholder Insitor Partners
Pictured: Boost lending customer in Cambodia
SINGAPORE (August 21, 2023) - Singapore-based Boost Capital has raised $2.5 million in seed funding from a range of investors to expand its chat-based bank client SaaS platform, designed to streamline digital onboarding for loans, savings, credit cards, and insurance.
Founded in 2018, with initial operations in Cambodia, the platform focuses on bridging the gap between informal chat-based channels preferred by emerging market customers, like Facebook Messenger and WhatsApp, and the stringent requirements set by financial institutions for assessing risk and return.
Boost Capital won the Women’s World Banking’s Fintech Innovation Challenge 2021, was selected as one of the Inclusive Fintech 50 in 2021, and recently took a top 10 spot in Echelon’s 2023 Top 100 startup completion.
This funding injection will facilitate market expansion, product team growth, and new banking partnerships, with Boost Capital having already facilitated digital applications for over a million loan and savings applicants using its innovative chat-based approach.
Investors in the round include Insitor, alongside Village Global, Hustle Fund, Iterative, Epic Angels, and XCEL NEXT. Prominent angel investors, including Shivaas Gulati, former co-founder of Remitly; Larry Hootnick, former CFO of Intel; and Puon Penn, former EVP of Venture Capital at Wells Fargo, also participated.