Top Funded Fintech Startups in Indonesia in Early 2024

Top Funded Fintech Startups in Indonesia in Early 2024

by February 21, 2024

Who are the top funded fintech startups in Indonesia as of early 2024? With a rapidly growing economy and a tech-savvy population, Indonesia has become a hotbed for fintech innovation and startups, peering into the most well-funded fintech startups in ASEAN’s largest country can provide hints on what verticals investors are most bullish on in this region.

In 2022, the country was home to 993 active fintech companies, representing about 25% of all fintech ventures operating across the ASEAN region, data from a 2022 report by the United Overseas Bank (UOB), PwC Singapore and the Singapore Fintech Association (SFA) reveal. The number makes Indonesia the second largest fintech ecosystem in ASEAN behind only Singapore.

The boom of fintech in Indonesia is also reflected in the surge of venture capital (VC) investment being poured into the sector. That sum totaled US$340 million in 2023, representing 27% of fintech funding in ASEAN, according to the 2023 edition of the report, showcasing the prominence of the Indonesian fintech sector across the broader region.

Share of funding deals by country, 2022 vs YTD 2023, as of October 2023, Source: Fintech in ASEAN 2023: Seeding the Green Transition, UOB, PwC Singapore and SFA, Nov 2023

Share of funding deals by country, 2022 vs YTD 2023, as of October 2023, Source: Fintech in ASEAN 2023: Seeding the Green Transition, UOB, PwC Singapore and SFA, Nov 2023

As fintech in Indonesia continues to grow and evolve, we look today at some of the industry’s leaders, spotlighting the fintech startups headquartered in the country that have secured the most venture capital (VC) funding. For this list, we’ve used data from Dealroom, CB Insights, companies’ announcements and media coverages, focusing on independent, private companies, and the VC funding they’ve raised.

Xendit – US$538 million


Payment startup Xendit has secured about US$538 million in VC funding to date, data from Dealroom and media coverages show, making it the top funded fintech startup in Indonesia in 2024. Xendit’s latest round was a US$300 million Series D the company secured in May 2022 intended at launching in new markets across Southeast Asia.

Founded in 2014, Xendit is a fintech company that provides payment solutions and simplifies the payment process for businesses. Xendit enables businesses to accept payments in various methods including direct debit, virtual accounts, credit and debit cards, e-wallets, retail outlets, and online installments, disburse payroll, run marketplaces and more, on an easy integration platform supported by 24/7 customer service.

Xendit claims more than 3,000 customers, among which Samsung Indonesia, Grab Pay, Ninja Van Philippines, Qoala, Unicef Indonesia, Cashalo and Shopback, and says it tripled annualized transactions from 65 million to 200 million between 2021 and 2022, and increased total payments value from US$6.5 billion to US$15 billion during the period.

Xendit expanded to Malaysia in January 2023, its third market after Indonesia and the Philippines. The startup is now reportedly looking to enter Thailand and Vietnam, a spokesperson told in July 2023.

Akulaku – US$520 million


Banking and digital finance platform Akulaku has raised a total of US$520 million in VC funding, data from Dealroom show, making it the second most well-funded fintech startup in Indonesia. Akulaku’s latest round was a US$200 million round secured in December 2022 used to fuel its growth and expand into new territories, markets, and products.

Founded in 2016, Akulaku is a banking and digital finance platform in Southeast Asia. The company aims to meet the daily financial needs of underserved customers in emerging markets through digital banking, digital financing, digital investment, and insurance brokerage services. Its target is to serve 50 million customers by 2025.

Akulaku’s core products include an e-commerce platform that allows users to shop by using installments and a virtual credit card. The company also operates Asetku, an online wealth management platform, and the Neobank app, a mobile digital banking offering supported by Bank Neo Commerce.

The company, which has a presence in Indonesia, the Philippines, and Malaysia, claimed 26 million users and 4.8 monthly active users in 2021. Last year, total revenue grew by 122% to US$598 million and total gross merchandise volume (GMV) increased by 136% to US$5.8 billion. Akulaku is Indonesia’s most valuable fintech startup at US$2 billion, data from CB Insights show.

Investree – US$254 million

investree p2p lending southeast asia

Peer-to-peer (P2P) lending platform Investree has secured US$254 million in VC funding, data from Dealroom show, a sum that makes the startup Indonesia’s three most well-funded fintech company.

Founded in 2015, Investree is a Jakarta-based alternative finance player. The company says it has disbursed IDR 14 trillion (US$900 million) worth of loans in Indonesia. The majority of these loans were disbursed to partners of agritech startup unicorn EFishery and Gayatri Microfinance. Besides Indonesia, Investree also operates in Thailand and the Philippines.

Investree’s latest round was a US$231 million Series D funding round raised in October 2023, the fifth largest VC funding round of 2023 in Asia-Pacific (APAC). The startup said at the time that it would use the proceeds to expand its product offerings, strengthen partnerships with diverse collaborators and enhance its suite of innovative digital solutions tailored to the specific needs of micro, small and medium-sized enterprises (MSMEs).

As part of the deal, Investree and JTA also established a joint venture in Doha to serve as a hub for Investree’s Middle Eastern operations and provide digital lending services for SMEs in the region.

Despite having received considerable financial backing, Investree has reportedly raised an additional US$7 million from an existing backer after the startup’s high-profile CEO stepped down amid allegations of misconduct and various challenges faced by the company.

Dana – US$250 million


E-wallet platform Dana has secured a total of US$250 million in disclosed VC funding, data from Dealroom show, making it the fourth most well-funded fintech startup in Indonesia. Dana secured its latest round in August 2022, raising US$250 million from local conglomerate Sinar Mas to expand in its home country and invest in new tech and new financial services.

Founded in 2017, Dana is a digital wallet that provides payment infrastructure and financial services in Indonesia. The platform allows users to transact with ease, send money, pay bills, make e-commerce purchases, and more.

For merchants, the technology provides wide developer integration options and easy onboarding, supporting the national QR Indonesia Standard (QRIS) network as well as the national open API payments standards (BI-SNAP).

Dana claims it reached 170 million people in 2023, representing a user growth of 23% year-over-year (YoY). QRIS transactions, meanwhile, surged 272% YoY and usage of the Send Money feature increased by 147% YoY. According to CB Insights, Dana is the second most valuable fintech startup in Indonesia, and is valued at US$1.13 billion.

Dana has quietly being making inroads into social commerce with the group buying platform BoraBora. The platform, an initiative under Dana’s venture studio arm Dana Ventures, will build products that align with the digital payment firm’s core financial services, a top executive told DealStreetAsia in February 2023.

Ajaib – US$243 million


Online brokerage Ajaib is Indonesia’s fifth top funded fintech in Indonesia in 2024, having secured a total of US$243 million in VC funding, data from Dealroom and media coverages reveal. The startup joined the unicorn club in October 2021 after raising US$153 million from investors including DST Global, Ribbit Capital, ICONIQ Capital and IVP.

Founded in 2018, Ajaib is an online wealth management solution that allows users to buy and sell stocks, exchange traded funds (ETFs), and mutual funds. The platform offers advanced features for stock traders and investors, and provides a premium service called Ajaib Prime that comes with personalized advice and margin trading.

Ajaib does not offer commission-free trading, but does apply lower fees compared to its competitors. The company targets first-time Millennial investors in Indonesia, with the goal of increasing financial inclusion, and claims it is the first online stockbroker in Indonesia to have scrapped minimum capital requirements.

Ajaib said in July that it recorded 3 million retail investors for its stock trading and Ajaib Crypto products in the first half of 2023, a 50% increase from November 2022. The company claims it is one of the largest brokerages by the number of transactions in Indonesia.

Stockbit – US$190 million


Wealthtech startup Stockbit has raised about US$190 million in VC funding so dar, data from Dealroom and press coverages show, making it the sixth top funded fintech startup in Indonesia in 2024. Stockbit secured its latest round in March 2022, raising more than US$80 million in a funding round led by GIC and joined by Prosus Ventures among other existing investors. The startup said at the time that it would use the proceeds to launch of new products and services, hire local talent and strengthen its financial education programs to create awareness among the general public.

Founded in 2013 as a social network for stock investors, Stockbit has evolved into an app that integrates stock trading, information aggregation, and social networking. The company launched in 2019 Bibit, a robo-advisory investment app that allows users to invest in diversified asset classes such as mutual funds, primary and secondary government bonds, Savings Bond Ritel (SBR), Sukuk Tabungan (ST), Sukuk Ritel (SR), Fixed Rate (FR), and stocks. In 2021, Stockbit entered the brokerage business through Stockbit Sekuritas. Last year, the startup made its foray into the investment management industry in collaboration with Fullerton Fund Management, subsequently launching a joint venture called Grow Investments.


Featured image credit: Edited from freepik