Boost Capital has raised $2.5 million to expand its business in Cambodia, Singapore and the Philippines in a bid to further cement its footprint in the region, while embracing new technologies.
Gordon Patrick Peters, Co-founder of Boost Capital, told Kiripost this Thursday that the newly acquired funding will propel Boost's growth trajectory, facilitating enhanced collaboration with partner institutions in the digital banking landscape.
Moreover, Boost is actively engaging with potential partners throughout Southeast Asia to further cement its footprint in the region.
“We collaborate with banks, microfinance institutions, digital wallets, and insurance companies to facilitate digital onboarding for SME loans, individual loans, savings accounts, and insurance accounts. Boost enables both collateral-based loans and uncollateralized loans driven by our bank partner’s strategy and products,” Gordon said.
He added that the new funding will fortify Boost's product and engineering teams, who have been the driving force behind our technology's evolution. The infusion of fresh talent will enable the teams to innovate, develop new features and seamlessly onboard new partners, contributing to the company's technological advancements.
The funding infusion is also pivotal in expanding Boost's business development team. Strengthened by the endorsement of investors and advisors, the team has fostered productive connections with key decision-makers at prominent banks and financial institutions.
"Our investor and advisor network has yielded remarkable outcomes, connecting us with top leaders in leading banks and financial institutions. We're thrilled to welcome esteemed investors joining this round, such as Village Global, Iterative, Hustle Fund, Epic Angels, and others who share our vision."
Boost's value proposition resonates strongly with banks committed to digital transformation. The company's technology, seamlessly integrated into platforms including Facebook Messenger, WhatsApp, and Telegram, streamlines the client experience, making it frictionless and user-friendly, he added.
While challenges exist, Gordon said Boost has discovered that chat-based onboarding offers unparalleled access to a wider client base compared to traditional methods.
One challenge that comes up often from bank CEOs and CTOs is that they often say that their app already allows clients to apply for loan and savings accounts, or that their website allows clients to apply.
He believes that chat offers the greatest number of clients the opportunity to apply since they already use Facebook Messenger. And while banks might have applications in their apps, new clients are not downloading them.
He added that banks also sometimes tell clients that they have had prior bad experience with a service or tech provider. Examples include an app provider that took a long time or a core banking provider who required too much bank resources.
Boost operates differently. To launch with Boost, there is no engineering time required. Boost uses the technology and products the bank already has, and builds a new channel for its customers to apply.
"Boost's operational model diverges from the norm. Launching with Boost is effortless, it involves no engineering resources. Boost uses existing technologies and products, and builds a new channel for customers to apply," he told Kiripost.
He said that Boost has a global mission of democratizing financial services via smartphones. With a strong focus on Southeast Asia and successful partnerships, Boost aims to extend its influence to Africa and Central Asia, catering to a diverse array of institutions and clients.
“In the long-term, Boost is planning to enable a large number of financial institutions globally, acting as their chat-onboarding partner to quickly and easily allow their clients to apply for loans, savings, and insurance products.”