Lending
Indonesian P2P Lender Modal Rakyat Being Sued Over Loan Default Allegations
Indonesian peer-to-peer lending platform Modal Rakyat is facing a lawsuit filed in the South Jakarta district court on 20 February. According to a DealStreetAsia report, the P2P lender has been accused of defaulting on loans, putting the spotlight on its
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AwanTunai Exceeds Series B Target, Raises US$27.5M Led by Norfund, MUIP
Indonesian fintech startup AwanTunai has successfully closed its Series B funding round, amassing US$27.5 million. The Jakarta-based company, known for its point-of-sale financing solutions aimed at digitising the nation’s predominant cash economy, has surpassed its initial target of US$25 million
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Bukalapak Pulls Plug on In-House BNPL Offering
Indonesian e-commerce leader Bukalapak has phased out its buy now, pay later (BNPL) service, BukaCicilan, as of 29 February 2024. This decision reflects the broader challenges facing the BNPL sector, which has seen several service discontinuations and exits in recent
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OJK Lifts Ban on Akulaku’s BNPL Service in Indonesia
Indonesia’s Financial Services Authority (OJK) has lifted restrictions on the buy now, pay later (BNPL) service offered by fintech firm Akulaku, according to a statement from the company to Tech in Asia. This decision marks a major turnaround for Akulaku,
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wagely Raises US$23M to Boost Earned Wage Access in Indonesia and Bangladesh
wagely, an Indonesian earned wage access (EWA) firm, has raised US$23 million in a funding round comprising both equity and debt financing. The round was led by Capria Ventures with contributions from existing investors and a private debt fund. The
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Fairbanc to Enhance Indonesian Operations with US$13.3M Debt Financing
B2B embedded finance startup Fairbanc has secured US$13.3 million in debt financing from digital lending arm of Pegadaian, a subsidiary of Bank Rakyat Indonesia. According to DealStreetAsia, Fairbanc aims to utilise the newly acquired funds to broaden its operations in
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ShopBack to End BNPL Service in Singapore and Malaysia by 22 March
ShopBack, a shopping and rewards platform, revealed that it will be discontinuing its Buy Now, Pay Later (BNPL) service effective from 22 March 2024 in Singapore and Malaysia. This decision will affect both online and in-store transactions across its network
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SCBX Inks US$860M Deal to Fully Acquire Home Credit Vietnam
SCBX, the financial technology business group of Siam Commercial Bank, has inked a deal to fully acquired consumer finance firm Home Credit Vietnam for US$860 million in a bid to expand its footprint in the region. The transaction is set
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Singapore Fintech Fluid Founded by Former Atome Exec Trasy Walsh Raises US$5.2M
Singapore-based fintech startup Fluid has announced a US$5.2 million Series A funding round led by Insignia Ventures Partners to expand its flexible financing for business-to-business (B2B) purchase solution, as reported by The Business Times. This latest financial injection brings Fluid’s
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Former Grab Exec Mehrotra Leads JULO to Profitability, Eyes IPO Plans
JULO, an Indonesian fintech offering digital peer-to-peer lending, has announced it reached an annual recurring revenue surpassing US$120 million in 2023. The company also reported a 50% increase in its loan disbursement volume for the year, alongside achieving operational profitability
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