Singapore-headquartered SaaS platform Boost Capital has secured US$2.5 million in a seed funding round from Village Global, Iterative Ventures, Hustle Fund, Epic Angels, Xcel Next, and Insitor.
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.
The firm will use the funds for market expansion, enlarging its product team, and initiating partnerships with new banks.
Founded in 2018 by Gordon Peters and Lucinda Revell, Boost Capital provides a platform that enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.
It uses technology to bridge the gap between the informal channels, such as chat, preferred by emerging market customers, and the stringent requirements that financial service providers enforce for assessing the risk and return of each newly onboarded customer.
Utilising chat channels like Facebook Messenger, Telegram, and WhatsApp, the company’s technology provides services, including collateralised and uncollateralised loans, to clients with salary or business income, without requiring an app download.
Already in use by multi-market banks and e-wallets, Boost Capital claims that its technology has facilitated the digital application process for over one million loan and savings applicants.