Indonesian Digital Mortgage Firm Ringkas Snags US$3.5 Million Seed Funding
by Fintech News Indonesia May 31, 2023Ringkas, an Indonesian digital mortgage startup, has raised a US$3.5 million seed funding round in a bid to address homeownership challenges in the country, according to a report by e27.
Led by East Ventures and Crestone Venture Capital, the round was also joined by 500 Global, Teja Ventures, Orvel Ventures, and Hustle Fund.
This latest funding round was raised a year after Ringkas had secured a US2.3 million pre-seed funding round in May 2022.
Ringkas will be utilising the funds to further develop and expand its platform across multiple cities in Indonesia and the secondary market.
The firm also plans to register mortgage transactions worth up to US$200 million within the next six to 12 months and launch over 100 projects in 34 cities across Indonesia.
Founded in 2022 by Ilya Kravtsov, Leroy Pinto, Puguh Widyoko, and Yoko Simon, Ringkas offers a digital platform where consumers can apply for mortgages at multiple banks simultaneously.
Among the banks Ringkas has partnered with are; BCA, Bank Mandiri, Bank Syariah Indonesia, BRI, Bank CIMB Niaga, Bank Permata, Bank Danamon, Bank Maybank Indonesia, OCBC NISP, UOB Indonesia, Bank Panin, Bank CCB Indonesia, and more.
