Latvian fintech Jeff raises US$1.5m seed

Jeff App has announced the completion of a seed extension round in which it raised US$1.5 million. The round was led by J12 Ventures and puts the total funding raised by Jeff App to date at US$2.5 million.

The Latvia-headquartered fintech firm offers a data-enabled loan brokerage platform targeted at serving the unbanked and underbanked customers in Asia.  

Other new investors who made commitments during this round include iSeed Ventures and Toy Ventures. Existing investors EstBAN, Startup Wise Guys, and other angels also participated. 

With this new capital injection, Jeff App intends to scale its team of 15 up to 40 or more. The firm has also indicated that it plans to prioritize bringing on industry big names during this hiring spree. 

The increased headcount will ensure that the rate of growth picks up. It will also foster swifter market expansion, as well as growth in B2B sales and partnerships, and offline services.