Jeff: Financial Comparison App Raises $1.5M Seed Extension

Southeast Asia's Expanding Financial Services Landscape

The provision of financial services, particularly for individuals lacking traditional banking access or credit lines, is rapidly increasing throughout Southeast Asia. Jeff App aims to establish itself as a comprehensive “super app,” enabling consumers to evaluate and apply for a diverse range of financial products utilizing the startup’s unique data-scoring methodologies.

For financial institutions, Jeff functions as a distribution network, facilitating customer acquisition and retention. The company recently announced the successful completion of a seed extension funding round, securing $1.5 million in investment, with J12 Ventures leading the round.

Investment Details and Growth

iSeed Ventures, Toy Ventures, and existing investors – EstBAN, Startup Wise Guys, and several angel investors – also participated in this funding initiative. This latest investment brings Jeff’s total funding to approximately $2.5 million.

A prior $1 million seed round was secured in March. According to founder and CEO Tom Niparts, Jeff achieved net profitability in the second quarter and initially had no plans for further fundraising. However, investor interest prompted by the company’s substantial growth since the start of the year led to this extension.

User Growth has been significant, with the user base tripling to 700,000 since the end of January. Over the last six months, users have collectively compared a total of four million financial products.

Expansion Plans and Team Growth

Established in 2019, Jeff currently operates in Vietnam and has submitted an application for a license to expand into Indonesia. Plans are also underway to enter the Philippines market during the third quarter of the year.

A portion of the newly acquired funds will be allocated to expanding Jeff’s team. The company intends to increase its workforce from approximately 15 employees to over 40, across its offices in Latvia and Southeast Asia.

The Genesis of Jeff App

Prior to founding Jeff, Niparts served as CEO of Digital Finance International in Spain, a fintech company under the Finstar Financial Group umbrella. During his tenure, he observed that many individuals in Southeast Asian nations faced difficulties obtaining loans, not due to poor credit or insufficient income, but rather a lack of sufficient personal financial data.

This realization spurred the creation of Jeff, focused on developing alternative data scoring models tailored for financial services.

Vision and User Acquisition Strategies

Jeff’s overarching objective is to become the primary distribution channel for financial services in Southeast Asia, and the leading platform for consumers to compare and apply for financial products.

The company’s strong growth in the first half of the year can be attributed to refinements in its user acquisition strategy within Vietnam. Initially, Jeff relied on global advertising channels like Google and Facebook. However, its most effective acquisition method now involves collaborations with local affiliates, including financial education bloggers and social media influencers.

“We found that platforms like TikTok, which may not be effective for financial services in Europe, are proving to be a remarkably successful channel in Vietnam,” Niparts stated.

Diversifying Offerings and Future Development

While loan comparison remains a core feature, Jeff is broadening its service portfolio, recognizing that individuals typically require loans infrequently.

To encourage repeat engagement, Jeff is introducing incentives such as coupons for platforms like Shopee, and plans to launch telecom top-ups with cashback rewards, alongside a user referral program. Further development includes comparisons of neobanks and mobile wallets, payment functionalities, installment financing options, services for micro and small businesses, and a data science model designed to enhance conversion rates for service providers.

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