Latvian loan brokerage platform Jeff App raises $2M

Latvian broker of personalized loan products Jeff App has raised $2M in late-seed financing. The round was led by Czech Presto Ventures with participation from existing investors Estonian Business Angels Network (EstBAN) and Swedish VC J12. Some angel investors, including the founder of Latvian print-on-demand and dropshipping platform Printify James Janis Berdigans, and a venture partner of Finnish VC Superhero Ivo Remmelg, also participated in the deal.

Riga-based Jeff App, which was founded in 2019 by Toms Niparts, Reinis Tenis, and Sandris Artemjevs, connects borrowers and lending institutions in Southeast Asian markets. The startup's technology enables financial service providers to measure the creditworthiness of the borrowers using alternative data. The startup uses automation to collect, aggregate, and analyze digital traces of the clients, user behavior, device details, telecommunications data, and IP address patterns.

The company operates in Vietnam, the Philippines, Mexico, and Indonesia and has more than 6M users. Its platform provides access to apply for over 60M financial products. 

Jeff will use the investment to expand into India and other emerging markets in Asia and beyond, hire new employees, and further develop its financial services and products.  

Founded in 2012, EstBAN is an organization for business angels and business angel groups. The network aims to increase the quantity and quality of seed-stage investments in Estonia.