Digital Horizon Enterprise Fund Invests in Trustworthy Financial institution Collection A

Digital Horizon Enterprise Fund this week was among the many traders in Singapore Fintech Trustworthy Financial institution’s Collection A financing spherical. The corporate raised a complete of $19.7 million, with the spherical led by Insignia Ventures Companions and Digital Horizon VC. Digital Horizon contributed $5.5 million of the entire. The funding shall be used to obtain a license for bank card issuing. Trustworthy Financial institution additionally plans to extend its headcount and open new places of work in Bangkok and Jakarta.

Trustworthy Financial institution goals to turn into a frontrunner of the bank card market in Southeast Asia. The undertaking received off the bottom in Indonesia the place solely three per cent of the inhabitants have bank cards. Beforehand, the Trustworthy Financial institution founders labored for funding banks, fintech-focused enterprise funds, and the Massive 4 corporations. Certainly one of them, Peter Panas, led the Apple Card launch at Goldman Sachs. One other co-founder, Will Ongkowidjaja, based Alpha JWC Ventures – a number one VC in Indonesia, and one with a fintech focus.

“Though Trustworthy Financial institution is a younger firm, we see that their workforce is ready to obtain the declared objective – to construct a brand new fintech large within the Southeast Asian market. The share of on-line purchasing is rising on this area, however there are nonetheless not sufficient trendy technological credit score merchandise. Trustworthy Financial institution might turn into an Asian Nubank,” stated Alan Vaksman, founder and managing associate at Digital Horizon.

Digital Horizon is a world funding firm that runs a enterprise fund and a enterprise builder. It invests in startups with viable merchandise and traction in fields like finance, e-commerce, training, and enterprise software program. By collaborating with strategic companions, the enterprise builder creates breakthrough initiatives in finance, advertising, and media. The Digital Horizon workforce has experience and intensive connections in its goal industries, the corporate stated.