UpBanx, an Indonesia-based fintech startup, has raised a US$5.2 million pre-seed round that was led by Y Combinator, Alpha JWC Ventures, Alto Partners, Number Capital, UBI Capital, creator networks Collab Asia and Digital Rantai Maya (DRM), as well as local influencers Raffi Ahmad and Nagita Slavina. The investment raises UpBanx’s valuation to US$120 million and makes it the fastest startup to reach the figure in Indonesia. The company, which began operations in June 2021, is a platform that aims to help content creators, artists, and freelance workers get discovered, and manages their workflow and finances. For now, it is an invite-only platform that allows users to open a business account to store their earnings. In March 2022, UpBanx will release discoverability, workflow management, and financing features. The company looks to let users launch their digital assets and raise funding from investors by 2023.
The startup plans to use the fresh funds to accelerate its product development and business growth by leveraging its network of investors, especially Y Combinator, Raffi Ahmad, and Nagita Slavina. UpBanx is a next generation financial technology platform for creators, brands, freelancers, agencies and beyond. The company assists in managing money, get financing, grow commercial partnerships, launch digital assets, and raise investments.