Jeff App has secured $2 million in late-Seed financing, led by Presto Ventures, to expand its financial services into India and other emerging markets.

Target Company Overview

Jeff App, a Latvia-based fintech startup founded in 2020 by Toms Niparts and Reinis Tenis, has successfully raised $2 million in a late-Seed financing round. This funding is primarily led by Presto Ventures, with significant contributions from J12 and prominent business angels. Jeff App's mission is to bridge the gap between large, underrepresented customer groups and financial service providers. By utilizing advanced automation technologies for data collection, aggregation, and behavioral analysis, Jeff App tailors competitive credit solutions to underserved populations.

The platform has made impressive strides since its initial launch in Vietnam, subsequently expanding to notable markets including the Philippines, Mexico, and Indonesia. Jeff App has generated over $10 million in annual revenue and has facilitated access to a wide array of financial products for over 6 million users, totaling more than 60 million offerings. This strong market presence underscores the company's commitment to enhancing financial access for those who need it most.

Industry Overview in Latvia

Latvia's fintech industry has witnessed significant growth over the past few years, driven by innovations and increasing consumer demand for digital financial solutions. This growth has been bolstered by suppor