Smile API, a financial inclusion data provider operating in the Philippines, has raised fresh funds from DEG, the investment arm of German state-owned development bank KfW, according to an announcement.
The investment was coursed through DEG’s Up-Scaling program, a venture program supported by the German development finance institution. Financial details of the investment were not disclosed.
With the Up-Scaling program, DEG finances new investments of early-stage SMEs aimed at scaling innovative business models with high development impact.
The promotional program is implemented by DEG as part of the “Partners in Transformation” offer of the Federal Ministry for Economic Cooperation and Development (BMZ).
Smile API was selected by DEG in December 2023 to join its program due to the startup’s impactful work in the Philippines and Southeast Asia. Last year, Smile API was also recognized as the Most Innovative Startup in the inaugural KMC Startup Awards.
Smile API specializes in providing real-time access to income and employment data, empowering individuals to leverage their personal information for accessing financial services.
By tapping into various data sources such as employment documents, HR and payroll systems, gig platforms, and social security systems, Smile API enables more comprehensive and inclusive credit decision-making.
This approach addresses the limitations of traditional methods reliant solely on bank accounts and credit card history.
Smile API provides user-authorized access to recent, comprehensive, verified employment data that is accessible in real-time from employment documents, HR and payroll systems, gig economy platforms, and social security systems through a single API.
“We are on a mission to provide workers in Asia greater access to opportunities by simply using their own data. We believe in using technology to make financial services accessible and affordable to everyone,” the company said on its website.
Smile API is headed by CEO Jerome Eger, an experienced entrepreneur and founder. Prior to founding Smile API, Eger was the Managing Director for digital wealth management platform Ginmon China.
Prior to that, he worked at Boston Consulting Group in Frankfurt, Germany on projects related to retail and corporate banking. He holds a master’s degree in Economics and Finance from Goethe University Frankfurt and studied Chinese at Peking University and Shanghai Jiao Tong University.