Startup Wise Guys portfolio company Jeff App has raised $2 million late-seed round
Startup Wise Guys are thrilled to share that their portfolio company, Latvia-based Jeff App, has raised $2 million in late-Seed financing round. Led by Presto Ventures, with strong support from J12 and notable business angels, this funding will fuel Jeff App’s ambitious expansion into India and other emerging Asian markets.
Launched in 2020 by Toms Niparts and Reinis Tenis, Jeff App addresses the gap between large, neglected customer bases and financial service providers. The startup’s platform provides underserved populations with competitive credit solutions by leveraging advanced automation for data collection, aggregation, and analysis of user behavior, device specifics, telecommunications data, and IP address patterns. This data-driven approach allows Jeff App to create detailed client profiles, facilitating a more personalized match between consumers and financial products.
Since its initial launch in Vietnam, Jeff App has expanded to other significant markets, including the Philippines, Mexico, and Indonesia. The platform has already reached impressive milestones, generating over $10 million in annual revenue and facilitating access to more than 60 million financial products for over 6 million users.
In a recent short interview, Toms Niparts shared valuable insights with founders, into the fundraising process and scaling in emerging markets:
Q: Can you share your approach to attracting and securing investment from prominent venture capital firms and angel investors? "There is nothing groundbreaking we have discovered. Like with most things, fundraising is hard work that requires focus, dedication, careful planning, and shameless execution. It’s often more time and effort-consuming than other areas. Key steps include identifying the target investor profile, creating materials, grooming CRM, and scheduling. Always keep a clean record and be honest. Most importantly, be ultra-resilient mentally as rejections are part of the process."
Q: What key lessons have you learned from scaling Jeff App in emerging markets, and how can other startup founders apply these insights to successfully expand their own ventures? "You are entering a foreign territory, so be honest with yourself about why you will succeed. Understand what you know and what you don’t, and how to obtain essential knowledge. Each market is different; adaptability and versatility are crucial. Communication barriers are significant even in English-speaking markets, so over-communicate. Be cautious and assume people might benefit from you until proven otherwise by actions.”
With the financial backing and strategic guidance from Presto Ventures and other investors, Jeff App is well-positioned to continue its mission of financial inclusion. The company aims to expand its team and enhance its suite of financial services and products, catering to diverse financial needs in emerging markets.The newly secured funding will enable Jeff App to accelerate its geographic expansion, with India being the next key target. This expansion is part of a broader strategy to make financial services accessible to underserved segments in some of the world’s most populous countries. Additionally, the funds will support the recruitment of top tech talent and the development of new financial products, such as various credit options, on their platform. Jeff App’s innovative approach and recent infusion of capital will undoubtedly bolster its efforts to bridge the financial inclusion gap in emerging markets, providing millions of underserved individuals with access to essential financial services.