Indonesian AI-powered credit analysis startup Sxored received funding from East Ventures

East Ventures, a sector-neutral venture capital firm in Indonesia and Southeast Asia, has contributed an undisclosed sum of money to Sxored, a tech startup based in Indonesia that specializes in intelligent document extraction and AI-powered credit document analysis.

The money will be used to speed up product development and further integrate East Ventures’ AI and machine learning solutions, the company said in a statement on Tuesday.

Sxored will use this funding to accelerate the development of its proprietary, fine-tuned AI/ML models, which will include the ability to process document formats without templates. It will also expand its platform to support broader data capture and simulated financial reporting, and it will scale its service to accommodate a greater number of client segments and financial use cases.

With over Rp170 trillion (roughly $10.3 billion) in loans disbursed over the last year, the Indonesian lending market is clearly still exhibiting strong momentum.

Indonesia is solidifying its position as Southeast Asia’s leading lending powerhouse through both digital and offline channels, supported by a projected compound annual growth rate (CAGR) of 11–13 percent.

Significant obstacles, however, confront the lending sector, such as the rise in credit fraud and the high operating costs brought on by manual data processing and sluggish decision-making cycles.

By integrating intelligent optical character recognition (OCR) with an AI-powered copilot to automate and improve credit document processing, Sxored provides lenders with an all-in-one solution.

In order to detect possible manipulation and document tampering, the platform effectively extracts and aggregates data from e-statements from all of Indonesia’s major banks. It then applies over ten fraud detection indicators.

While guaranteeing safe, encrypted data handling, Sxored’s AI copilot produces succinct borrower summaries and facilitates quick property collateral appraisal, including market value assessment and nearby asset mapping.

Reduced costs, increased accuracy, and greater scalability are the outcomes of these features, which also greatly speed up loan underwriting, increase accuracy in automated fraud detection, simplify collateral appraisal, and increase overall decision-making efficiency.

“Most lenders in Indonesia still verify documents the old way by manually reviewing PDFs and hoping nothing is missed,

“We built Sxored to eliminate that guesswork. With our system, banks, fintechs, and even VCs and auditors can underwrite faster, detect fraud more accurately, and serve more customers with less risk”, said Cyrill James Hardie, Co-Founder and Chief Executive Officer of Sxored

Chief Executive Officer Cyrill James Hardie, Chief Strategy Officer Ben Lawson, Chief Technology Officer Wawan Budi Setyawan, Head of Engineering Abdul Latif Munjiat, and Head of Product Pras Indaryoko Abdilah co-founded Sxored in June 2024.

The founding team first got together in late 2020 to work on a fintech mutual fund marketplace that Ben had started and that was eventually acquired.

The eight members of the Sxored team today are bound together by the common goal of using cutting-edge AI solutions to revolutionize the financial services sector.
With ten active pilot implementations, Sxored has gained a lot of traction since its launch.