East Ventures backs Sxored to streamline lending with AI document tech

East Ventures has invested in Sxored, an Indonesian startup using AI-powered document technology to automate credit analysis and streamline lending processes. The undisclosed funding will help accelerate product development and deepen machine learning integration.

The investment reflects growing demand for smarter, faster credit decisioning amid Indonesia’s rapidly expanding lending market. Over the past year, the country saw more than IDR 170 trillion (US$10.3 billion) in loans disbursed. Yet much of the process remains manually intensive, prone to human error, and vulnerable to fraud.

“Most lenders in Indonesia still verify documents the old way by manually reviewing PDFs and hoping nothing is missed,” said Cyrill James Hardie, co-founder and CEO of Sxored. “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.”

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At the core of Sxored’s offering is a platform that combines intelligent Optical Character Recognition (OCR) with a credit decisioning copilot. It can extract data from electronic bank statements issued by major Indonesian banks, assess documents using over ten fraud detection indicators, and generate concise borrower summaries.

It also automates collateral appraisal, including market value analysis and asset mapping - all while maintaining encrypted data protection.

The end result is a system that enables faster loan underwriting, improved fraud detection, and greater scalability across credit operations.

Sxored’s founding team includes Hardie, 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 group previously collaborated on a mutual fund marketplace fintech, which was successfully acquired, before launching Sxored in June 2024.

In just over a year, the company has rolled out ten pilot programmes with a range of partners. While banks and traditional lenders are the primary audience, Sxored’s tech has also attracted attention from venture capital firms and auditors looking to streamline workflows and reduce fraud risks.

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

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