Sxored, an AI-powered technology startup based in Indonesia, has received an undisclosed amount of funding from East Ventures, a leading venture capital firm and early-stage investor in Indonesia and Southeast Asia.

The funding will be directed toward accelerating product development and enhancing AI and machine learning integration.

Tackling Lending Industry Challenges with AI Solutions

Indonesia’s lending sector continues to gain momentum, with over Rp170 trillion in total loans disbursed last year.

The industry is projected to grow at a compound annual rate of 11–13%.

Despite this, lending institutions face persistent challenges, including rising credit fraud and high operational costs due to manual data processing and slow decision-making cycles.

Sxored addresses these pain points by offering an integrated solution that combines intelligent Optical Character Recognition (OCR) with an AI copilot to automate and enhance credit document processing.

Its platform extracts and consolidates data from e-statements across major banks in Indonesia and applies over ten fraud detection indicators to spot potential manipulation or falsification.

How Sxored’s Platform Streamlines Credit Evaluation

The AI assistant developed by Sxored produces borrower summaries and supports rapid property collateral assessments, including market price evaluations and asset mapping.

All data is securely encrypted. These features simplify collateral processing, increase fraud detection accuracy, and improve decision-making efficiency, reducing costs and enabling greater scalability.

“Most lenders in Indonesia still verify documents manually by reviewing PDFs one by one and hoping nothing is missed. We built Sxored to eliminate that uncertainty,” said Cyrill James Hardie, Co-Founder & Chief Executive Officer of Sxored.

“With our system, banks, fintechs, even VCs and auditors can underwrite faster, detect fraud more accurately, and serve more customers with lower risk”.

Founders, Pilot Projects, and Future Development Focus

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

The founding team met in late 2020 while developing a mutual fund fintech marketplace previously founded by Ben and later acquired. Sxored now has a team of eight.

Since its inception, the company has launched ten active pilot implementations.

Originally designed for traditional lenders, the platform has also attracted interest from digital lenders, venture capital firms, and professional auditors aiming to streamline workflows.

These pilots demonstrate the technical reliability of Sxored and its impact in fraud-sensitive environments.

With the new funding, Sxored will focus on advancing its proprietary AI and ML models, including capabilities to process document formats without predefined templates.

The platform will also expand to support simulated financial reporting, broader data extraction, and increased service scalability for a wider range of financial sector use cases.

“We believe in Sxored’s mission to modernize lending infrastructure and improve risk management,” said Wesley Tay, Principal at East Ventures.

“Their AI-powered platform is well-positioned to help solve fundamental problems in financial services. We’re excited to continue supporting their growth as they scale”.

PHOTO: EAST VENTURES

This article was created with AI assistance.