Home Technology Financial comparison “super app” Jeff raises $1.5M seed extension

Financial comparison “super app” Jeff raises $1.5M seed extension

Financial services, especially those for people who don’t have access to traditional bank accounts or lines of credit, are proliferating in Southeast Asia. Jeff App wants to give consumers a “super app” where they can compare many financial products and apply for them using the startup’s proprietary data-scoring models. For service providers, Jeff serves as a distribution channel, helping them find and retain customers. The startup announced today it has raised a seed extension of $1.5 million, led by J12 Ventures. Other participants included iSeed Ventures and Toy Ventures, and returning investors EstBAN, Startup Wise Guys and other angels.

The funding brings Jeff’s total raised to about $2.5 million. It announced a $1 million seed round back in March. Founder and chief executive officer Tom Niparts told TechCrunch that Jeff had a net profitable second quarter and wasn’t planning on raising again, but investors were interested because of its strong growth since the beginning of the year. The startup claims that since the end of January, its users have tripled to 700,000, who compared a total of four million products over the past six months.

Founded in 2019, the startup is operational in Vietnam and has applied for a license to launch in Indonesia. It also plans to enter the Philippines in the third quarter. Part of the funding will be used to increase Jeff’s team from about 15 people now to more than 40 employees for its offices in Latvia and Southeast Asia.

Before launching Jeff, Niparts was CEO of Spain for Digital Finance International, a fintech company that is part of the Finstar Financial Group. During that time, Niparts saw that in many Southeast Asian countries, people struggled to get loans not because of their credit history or income, but because they simply didn’t have enough personal financial data. Jeff was created to develop alternative data scoring models for financial services.

Niparts said Jeff’s goal is to become a main distribution channel for financial services in Southeast Asia and the top place for consumers to compare products and apply for them.

One of the reasons Jeff enjoyed strong growth during the first half of this year was by honing its user acquisition strategy in Vietnam. At first, it relied on global channels for user acquisition, like Google and Facebook ads, but now its top acquisition channel is through partnering with local affiliates, including bloggers and social media influencers who have grown considerable followings with educational content about finances.

“What we were surprised about is that in Europe, for instance, TikTok would never work for financial services, but in Vietnam we saw that it is a pretty amazing channel,” said Niparts.

While one of Jeff’s main features is loan comparison, the company has started expanding its offerings because most people only borrow money once in a while.

To create incentives to return to Jeff, instead of offloading the app once they secure a loan, Jeff is also offering coupons, like Shopee discounts and planning to launch telecom top-ups with cashback offers and a user referral functionality. It is also working on neobank and mobile wallet comparisons, payment functionalities, installment financing, services for micro-to small-sized merchants and a data science model to increase conversions for providers.

Most Popular

How To Get Students Excited About Personal Finance On eLearning Platforms

How To Get Students Excited About Personal Finance Most people struggle to get interested in learning about personal finance. For high school students, in particular,...

7 Roles Instructors And Facilitators Play In Instructor-Led Training With An LMS

How Instructors And Facilitators Can Blend In With An LMS Some organizations shudder at the thought of online training because they’re worried about omitting the...

How To Design eLearning That Engages Employees

5 Critical eLearning Tips For Employees Learning is critical to grow a business and maintain employee morale. In order to design eLearning that engages employees,...

Forums: Increasing Engagement

A Practical Approach Discussion forums have a way of increasing engagement, but they need to be used right. Considering the effects of COVID-19 and classrooms...