Lithuanian accelerator Firstpick invests in fintech Finfra

Lithuanian accelerator Firstpick has invested in Finfra, founded by Latvian Reinis Simanovskis and Estonian Markus Prommik. The startup, which has developed a financial solution for underbanked companies in Southeast Asia, raised $2.5M in investments from Singapore-based Cento Ventures, US-based Accion Venture Lab, South Korea's Z Venture Capital, Silicon Valley-based Hustle Fund, and the founder of Polish fintech Avafin Matiss Ansviesulis. 

Founded in Jakarta in May 2022, Finfra provides infrastructure and services for underbanked and non-financial companies in Southeast Asia, enabling them to integrate financial services (such as lending) into their distribution channels. Finfra provides a complete credit management system, scoring, portfolio analytics, and access to debt capital.

In 2023, Finfra raised $1M from Latvian BADideas.Fund, Firstpick, Singapore venture fund DSX Ventures, Cento Ventures and non-profit organization Fintech Nation, Swiss investment firm Seedstars International Ventures, and Hustle Fund.

In addition to the funding, Finfra has partnered with the digital banking group Tyme Group, which owns TymeBank in South Africa and GoTyme Bank in the Philippines. With the investment and partnership with Tyme Group, Finfra will expand access to credit for Indonesian companies through its infrastructure. The startup will also use the investment to become profitable.

Firstpick is a venture capital firm and accelerator founded by the former team of the Estonian accelerator StartupWiseGuys, which operated in Lithuania. The size of the fund is €20M. The initial ticket starts at €50-€200K. The partners of Firstpick are Jone Vaituleviciute, Marijus Andrijauskas, Andra Bagdonaite.