The fintech industry has gained massive interest and attention over the past couple of years, most notably with the rise of P2P—that’s peer-to-peer in plain English—lending. With this in mind, we can assume that competition is tough for these companies. To take a closer look into what’s coming in the industry for Indonesia, we have gathered five top-funded Indonesian fintech companies for your edification.
Photo: Courtesy of Akulaku
Akulaku has grown rapidly since its initial establishment and it seems it’s heading in the right direction. As a virtual application that allows users without credit cards to purchase big-ticket items, Akulaku and its premise gained a lot of attention and confidence from venture capitalists. As of last October, Akulaku had raised US$70m in series-C funding to strengthen its place in the Southeast Asian market.
Photo: Courtesy of Kredivo
With easy registration and promising services, it shouldn’t be no surprise that Kredivo became an instant favourite for many. The service is very similar to regular credit services with which users purchase items online that can be paid in 30 days, or three, six, or 12 months. Last July, Kredivo, through its parent company FinAccel, raised US$30m in Series-B equity investment led by Square Peg Capital.
Photo: Courtesy of CekAja
CekAja, as its name suggests, offer users the ability to check and compare financial services from credit card companies, loan providers, insurance providers, investments, and SME-specific products. The goal is to gain the trust of Indonesians when making financial decisions. CekAja’s parent company C88 raised a total of US$28m in Series-C funding led by Experian.
Photo: Courtesy of Modalku
Modalku, under the management of Funding Societies, has a goal in mind to help SME owners begin or develop their business by providing a platform that can connect them with investors through a crowdfunding or P2P model. In 2012, Modalku facilitated more than Rp3.3 trillion loans with 70 per cent of the loans provided by millennials. Its most recent funding round netted it more than US$25m in a Series-B round led by Softbank Ventures.
Photo: Courtesy of Koinworks
Having recently had its name boosted among the mainstream public, Koinworks is a service that does online P2P lending through machine learning. As of last August, the company had closed its Series-A founding round at US$15m led by Mandiri Capital Indonesia in participation with Gunung Sewu and Convergence Venture.