10 Top Funded Fintech Companies in Indonesiaby Fintechnews Singapore February 19, 2019
Indonesia’s fintech is probably one of the fastest growing tech sectors recently, thanks to the proliferation of peer-to-peer (P2P) lending. According to the Indonesian Financial Services Authority (OJK), transactions through P2P lending totaled US$951 million (Rp 13.8 trillion) in the first three quarters of 2018, despite regulator crackdowns to curb predatory lendors.
The trend has brought a sense of tangibility and impact on fintech in Indonesia, which is bolstered by the rise in venture capitalist presence, as well as increasing bank interest in bolstering tech: a natural boon for fintech startups to take advantage of.
All of this is in service of President Joko Widodo’s ambition to turn Indonesia into the largest digital economy in Southeast Asia by 2020.
With international attention mounting and companies expanding into Indonesia, is important now to elevate the names of local champions in the fintech field here. The companies selected are positioned based on disclosed values on sites like Crunchbase or Tech in Asia, so actual valuations may vary.
Top Funded Fintech Companies in Indonesia
1. AkuLaku – Total funding: US$220M
Geared for the working class in the general Southeast Asia market, Akulaku call themselves an e-commerce platform with a specific focus on cardless installment shopping on products like car loans, bill payment, topups, travel and other leisure packages. Currently Akulaku is operational in Philippines, Vietnam, Malaysia, and Indonesia.2.
2. KinerjaPay – Total funding: US$200M
Industry: Payments, Remittance
Another fintech that came in response to the growth of e-commerce, KinerjaPay is a mobile wallet and an e-commerce platform packaged into one. They provide digital payment solutions for Indonesia’s brick-and-mortar businesses, while allowing users to pay their bills and shop on affiliate e-commerce sites.
3. Pundi X – Total funding: US$35M
Industry: Crypto, Payments, Remittance
Pundi X aims to develop a point of sale (PoS) terminal network which would help people buy and sell cryptocurrencies over the counter. The company aims to launch the service in countries like Singapore, Indonesia, Africa, Brazil and India. They will also partner with cryptocurrency exchanges in realising their vision.
4. FinAccel (Kredivo) – Total Funding: US$31.1M
Industry: Lending, Credit
Kredivo is operated by FinAccel, functioning like a digital credit card to enable users to make online purchases on credit, and pay later in installments without needing a credit card. FinAccel has raised US$1.1 million in a Series A funding round, and later raised another US$30 million for its product Kredivo. Following the funding Kredivo announced that they are joining the heated personal loans race in Indonesia, offering 2.95% in interest per month.
5. PT Achilles Advanced Systems (OnlinePajak) – Total funding: US$28.5M
Under the PT Achilles Advanced Systems umbrella, OnlinePajak is a all-in-one web-based tax application to handle corporate taxes and administration. OnlinePajak has a mission of increasing tax collection & removing the administrative burden via its seamless application.
6. C88 (CekAja.com) – Total funding: US$28M
Industry: Comparison, Insurance, Credit, Investments, etc
C88 operates the comparison platform CekAja.com, an online portal for users that would like to make smarter financial decisions. The ccomparison platform allows users to compare credit, insurance, savings, investments, and other consumer financial products. The portal also offers free consultation services through live chat, call center services, and related interactive media.
7. M Cash Integrasi – Total funding: US$22M
Industry: IoT, Payments, Financial inclusion
Due to large unbanked populations, M Cash Integrasi produces and operates what are called MCASH kiosks, where users can access various digital products like topups, e-money, electronic billing, travel bookings, electronic tickets, and other digital vouchers. The digital kiosks are at retailers across Indonesia, self-service and available around the clock.
8. KoinWorks – Total funding: US$16.59M (SG$22.5)
Industry: Lending, Investment
KoinWorks is a P2P lending online investment platform that utilises machine learning to connect investors with SME borrowers or individuals looking for financial help. Investors can invest from IDR 100,000 and borrowers can apply for loans with lower interest rates.
9. Taralite – Total funding: US$6.3M
Taralite is a startup that offers unbanked populations access to credit, such as online merchants that would like to expand their business. Taralite quickly grew its market after partnering with e-commerce platforms like Tokopedia, Lazada and Bukalapak via integration.
10. Julo – Total funding: US$5M
Julo provides unsecured personal loans exclusively via mobile, and aim to provide low-cost loan producs. The company aims to offer low-cost, yet economically viable products via prudent underwriting assessments to ensure that approved applicants can pay back, and reward positive behaviours via cashback or higher future loans at lower interest rates at loan maturity.
Other resources you might be interested in
Check out our resource page to find out what are the top funded fintechs in countries like — Singapore, Malaysia, Indonesia, Philippines, India, China, Hong Kong, Taiwan, Korea and Japan