Sxored, an Indonesia-based tech startup specializing in intelligent document extraction and AI-powered credit document analysis, has secured an undisclosed amount of funding from East Ventures, a pioneering and leading sector-agnostic venture capital firm in Indonesia and Southeast Asia. The funds will be used to accelerate product development and deepen the integration of its AI and machine learning solutions.
The Indonesian lending market continues to demonstrate strong momentum, with total loans disbursed in the past year standing at more than Rp170 trillion (approximately US$10.3 billion). Backed by a projected 11–13% Compound Annual Growth Rate (CAGR), Indonesia is cementing its status as Southeast Asia’s top lending powerhouse across both digital and offline channels. However, the lending industry faces significant challenges, including rising credit fraud and high operational costs driven by manual data processing and slow decision-making cycles.
Sxored delivers an all-in-one solution for lenders by combining intelligent Optical Character Recognition (OCR) and an AI-powered copilot to automate and enhance credit document processing. The platform efficiently extracts and consolidates data from e-statements across Indonesia’s major banks, then applies more than ten fraud detection indicators to identify potential manipulation and document tampering.
Sxored’s AI copilot generates concise borrower summaries and supports rapid property collateral appraisal, including market value assessment and nearby asset mapping, while ensuring secure, encrypted data handling. These features significantly accelerate loan underwriting, improve accuracy in fraud detection automation, streamline collateral appraisal, and boost overall decision-making efficiency, resulting in reduced costs, improved accuracy, and greater scalability.
“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
Sxored was co-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 first came together in late 2020 while working on a mutual fund marketplace fintech, originally founded by Ben, which was later successfully acquired. Today, the Sxored team comprises a total of eight members, united by a shared vision to transform the financial services industry through cutting-edge AI solutions.
Since its inception, Sxored has achieved significant traction, with ten ongoing pilot implementations. While originally designed for the traditional lending sector, the platform has also drawn interest from digital lenders, venture capital firms, and audit professionals seeking to streamline their workflows. These pilots serve as proof of Sxored’s technical reliability and its tangible impact in high-stakes, fraud-sensitive environments.
“We believe in Sxored’s mission to modernize lending infrastructure and improve risk management. Their AI-driven platform is well-positioned to help solve deep-rooted pain points in financial services. We look forward to supporting their growth as they scale,” said Wesley Tay, Principal at East Ventures.
With this funding, Sxored will focus on accelerating development of its proprietary fine-tuned AI/ML models, including capabilities to process templateless document formats, expanding its platform to support simulated financial reporting and broader data capture, and scaling its service to support a wider range of client segments and financial use cases.
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