Sxored, a tech startup from Indonesia, focuses on smart document extraction and AI-powered credit document analysis.
The company has received funding from East Ventures, a well-known venture capital firm in Indonesia and Southeast Asia, though the amount was not shared.
East Ventures said in a statement on Tuesday that the funds will be used to accelerate product development and deepen the integration of its AI and machine learning solutions.
With the new funding, Sxored plans to speed up the development of its own AI and machine learning models. These models will be able to handle documents without fixed formats, create simulated financial reports, capture more types of data, and serve more client groups and economic needs.
Indonesia’s lending market is growing fast, with over Rp170 trillion (around $10.3 billion) in loans given out last year. The market is expected to continue growing at a rate of 11–13% annually, making Indonesia a leading lending hub in Southeast Asia, both online and offline.
But the industry also faces big problems, like rising credit fraud and high costs due to manual data entry and slow decisions.
Sxored offers a smart solution by using advanced OCR and AI tools to automate and improve how lenders process credit documents—all in one platform.
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Sxored’s platform quickly pulls and organizes data from e-statements across major banks in Indonesia. It then employs over ten fraud checks to identify any signs of fake or altered documents.
Its AI assistant creates short summaries about borrowers and helps quickly assess the value of property used as loan collateral. It also maps nearby properties while keeping all data safe and encrypted.
These tools enable lenders to process loans more efficiently, detect fraud more accurately, assess property values quickly, and make informed decisions. This leads to lower costs, fewer errors, and easier business growth.
“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 Setyawan, Chief Technology Officer), Abdul Latif Munjiat (Head of Engineering), and Pras Indaryoko Abdilah (Head of Product).
The Sxored team first came together in late 2020 while working on a mutual fund marketplace fintech started by Ben. That company was later successfully sold.
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Today, the Sxored team has eight members, all working toward the same goal: using advanced AI to improve the financial services industry.
Since starting out, Sxored has made strong progress, with ten pilot projects currently running.
Although it was first built for traditional lenders, the platform is now also attracting interest from digital lenders, venture capital firms and auditors who want to make their work faster and easier.
These pilot projects demonstrate that Sxored’s technology is reliable and effective, particularly in areas where preventing fraud is crucial.
“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.
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