AI-Powered Credit Analysis Startup Sxored Secures Funding Led by East Ventures
Indonesia-based startup Sxored, specialising in AI-driven credit document analysis and intelligent document extraction, has secured funding from East Ventures, a prominent venture capital firm in Southeast Asia. The investment will fuel product development and enhance the integration of AI and machine learning into their platform.
The Indonesian lending market is growing steadily, with total loans exceeding US$10.3 billion over the past year. Forecasted to expand at an 11–13% compound annual growth rate, Indonesia is emerging as a leading lending hub in Southeast Asia. However, the industry still wrestles with rising credit fraud and high operational costs linked to manual processing and slow decision-making.
Sxored’s Approach to Credit Document Processing
Sxored offers a comprehensive platform that combines intelligent optical character recognition (OCR) with an AI-powered copilot to automate credit document workflows. The solution efficiently extracts and consolidates data from e-statements issued by Indonesia’s major banks. It then applies over ten fraud detection indicators to spot potential manipulation and document tampering.
The AI copilot also generates concise borrower summaries and accelerates property collateral appraisals, including market value assessments and mapping of nearby assets. All data is handled with encryption to maintain security. This approach helps lenders speed up loan underwriting, improve fraud detection accuracy, and streamline collateral valuation, resulting in lower costs and increased efficiency.
Leadership and Team
Sxored was founded in June 2024 by Cyrill James Hardie (CEO), Ben Lawson (Chief Strategy Officer), Wawan Budi Setyawan (CTO), Abdul Latif Munjiat (Head of Engineering), and Pras Indaryoko Abdilah (Head of Product). The team initially connected while working on a mutual fund marketplace fintech, which was later acquired successfully. Today, Sxored’s team consists of eight members focused on transforming financial services with AI-enabled tools.
Market Traction and Client Expansion
Since launching, Sxored has secured ten pilot projects across traditional lenders, digital lenders, venture capital firms, and audit professionals. These pilots demonstrate the platform's reliability and effectiveness in fraud-sensitive environments and complex workflows.
Cyrill James Hardie, co-founder and CEO, explains, “Most lenders in Indonesia still verify documents manually. We built Sxored to remove that guesswork. Our system allows banks, fintechs, VCs, and auditors to underwrite faster, detect fraud more precisely, and serve more customers with lower risk.”
East Ventures’ Support and Future Plans
Wesley Tay, Principal at East Ventures, stated, “We support Sxored’s mission to modernise lending infrastructure and improve risk management. Their AI-driven platform addresses real pain points in financial services, and we look forward to backing their growth as they expand.”
With the new funding, Sxored will accelerate development of proprietary AI/ML models, including enhanced capabilities to process non-standard document formats. The platform will also extend support for simulated financial reporting and broader data capture to cater to a wider range of client segments and financial use cases.
Why Product Developers Should Watch Sxored
- AI Integration: Sxored’s focus on fine-tuning AI/ML models to handle templateless documents offers a practical example of applying machine learning to real-world financial data challenges.
- Automation Impact: The platform’s automation of credit document extraction and fraud detection showcases how reducing manual tasks can lower operational costs and speed up decision-making.
- Scalability: Their approach to scaling services for diverse client segments highlights important considerations for developing adaptable product architectures.
For product teams interested in AI applications in finance, this case emphasizes the value of combining OCR, fraud detection, and AI-driven summarisation to improve workflows. Exploring similar AI tools and training can help you build smarter, more efficient products.
Learn more about AI-driven automation and product development in finance at Complete AI Training.
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