Top 8 Fintech Investors in Indonesia Fueling The Revolution

Top 8 Fintech Investors in Indonesia Fueling The Revolution

by June 3, 2024

Indonesia’s fintech landscape is booming. Over the past decade, the number of fintech players in Indonesia increased six-fold, rising from just 51 active players in 2011 to 334 in 2022, a 2023 report by AC Ventures and the Boston Consulting Group shows, highlighting Indonesia’s fintech investors growing interest in the segment

Number of Indonesian fintech companies by segment, Source: Indonesia’s Fintech Industry is Ready to Rise, AC Ventures/BCG Group, March 2023 - Fintech Investors Indonesia

Number of Indonesian fintech companies by segment, Source: Indonesia’s Fintech Industry is Ready to Rise, AC Ventures/BCG Group, March 2023

This growth has emerged on the back of increased adoption of digital financial services. According to the report, the Indonesian payment segment counted over 60 million active users in 2020, and that number is expected to grow at a rate of 26% annually between 2020 and 2025.

In the lending space, the number of peer-to-peer (P2P) borrower accounts reached 30 million in 2021, rising at a compound annual growth rate (CAGR) of 50% between 2018 and 2022. Total loan disbursement totaled US$17 billion in 2022, representing an annual growth rate of 140% between 2018 and 2022.

In the wealth vertical, the total number of investors in the Indonesian capital market increased 37.5% year-over-year, reaching 10.3 million investors in December 2022 from 7.48 million investors at the end of December 2021, according to data from Kustodian Sentral Efek Indonesia (KSEI), a central securities depository in the Indonesian capital market, show.

Customer penetration for payments, lending, and wealth in Indonesia, Source: Indonesia’s Fintech Industry is Ready to Rise, AC Ventures/BCG Group, March 2023

Customer penetration for payments, lending, and wealth in Indonesia, Source: Indonesia’s Fintech Industry is Ready to Rise, AC Ventures/BCG Group, March 2023

Growth in the Indonesian fintech market is projected to carry on moving forward. According to a 2019 research report by Bain and Company in collaboration with Google and Temasek, digital financial services revenues in Indonesia are projected to reach US$8.6 billion by 2025, growing at a CAGR of 34% between 2019 and 2025.

Using data from Tech in Asia, we’ve pinpointed the prominent fintech investors in Indonesia, showcasing the most active investors in the country’s fintech sector and exploring the startups they are supporting.

AC Ventures

AC Ventures

AC Ventures, based in Indonesia, is a prominent early-stage technology venture fund known for its substantial support of Indonesian startups, particularly in the fintech sector.

AC Ventures was formed through the merger of leading VC firms Agaeti Venture Capital and Convergence Ventures and its mission is to partner and and support entrepreneurs, providing not just capital but also operational experience, industry knowledge, and a deep local network.

The firm invests in early-stage, high-growth Indonesian startups and helps them become world-class companies. Its experienced, tech-focused investment team specializes in consumer businesses, business-to-business (B2B), digital media, fintech, and small and medium-sized enterprise (SME) industries.

With assets under management (AUM) exceeding US$500 million and over 120 investments, AC Ventures has significantly impacted the market, creating a market cap of US$7 billion.

Over the past 24 months, AC Ventures has participated in 20 deals, making it the third most active investor in the Indonesian startup scene for the period, according to Tech in Asia. The firm counts 20 Indonesian fintech companies in its portfolio, including open finance startup Finantier, crypto investment app Nobi, SME finance platform Fazz, and SME banking platform KoinWorks.

East Ventures

East Ventures

East Ventures, headquartered in Indonesia, is a pioneering and leading sector-agnostic venture capital firm. Founded in 2009, East Ventures has evolved into a comprehensive platform offering multi-stage investments, ranging from Seed to Growth stages, for over 300 tech companies across Southeast Asia.

As an early supporter of the Indonesian startup ecosystem, East Ventures was the first investor in local unicorn companies Tokopedia and Traveloka. The firm’s portfolio also includes other notable companies such as Ruangguru, Sirclo, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.

In the past 24 months alone, East Ventures has participated in a staggering 84 deals, making it the most active investor in the Indonesian startup scene for the period, according to Tech in Asia. Its portfolio comprises 16 Indonesian fintech startups, including online lending platform Julo, stock investing app Stockbit, and earned wage access startup Wagely.

Mandiri Capital Indonesia

Mandiri Capital Indonesia (MCI)

Mandiri Capital Indonesia (MCI), based in Indonesia, is a corporate venture capital (CVC) firm operated by the country’s largest financial institution, Bank Mandiri.

MCI acts as a bridge between the Mandiri Group and startups, fostering innovation and synergy initiatives. MCI is dedicated to forming strategic partnerships to accelerate innovation within Indonesia’s digital ecosystem. Furthermore, it invests in startups that align with and synergize with the Mandiri Group’s innovation objectives.

Since its inception in 2015, MCI has facilitated investments and cultivated partnerships between its portfolio and the Mandiri Group. Currently, MCI have several funds including: Balance Sheet Fund, Merah Putih Fund, and Indonesia Impact Fund.

Notable companies in MCI’s current portfolio include AgriAku, Amartha, Ayoconnect, Cakap, Greenhope, iSeller, Kecilin, Privy, PTEN, Qoala, Sinbad, and Yokke. Additionally, MCI champions startups via premier programs such as Xponent for collaboration and Zenith for acceleration.

Over the past 24 months, MCI has participated in 11 deals, with recent investments including FishLog, Ayoconnect, Delos, and Kecilin, according to Tech in Asia. Its portfolio comprises 11 Indonesian fintech startups, including micro finance marketplace Amartha, application programming interface (API) platform Ayoconnect, peer-to-peer (P2P) lender Investree and digital wallet LinkAja.



Antler, headquartered in Singapore, is a prominent global investor dedicated to supporting the world’s most driven founders from the very beginning of their entrepreneurial journeys. Antler’s global community of builders, investors, operators, experts, and partner organizations backs people from the very start of their founder journey—pre-team or even pre-idea.

Founded on the principle that innovation is key to building a better future, Antler partners with exceptional founders across six continents to launch and scale startups addressing significant opportunities and challenges. Antler’s belief in the potential of individuals from diverse backgrounds is reflected in its extensive network of offices in 30 cities worldwide, including major hubs such as Austin, New York, London, Berlin, Stockholm, Bangalore, Jakarta, Singapore, Seoul, Tokyo, and Sydney.

Since 2018, Antler has helped create and invested in more than 1,000+ startups across a wide range of industries and technologies, with the goal of backing more than 6,000 by 2030.

Over the past 24 months, Antler has made 53 deals, making it the second most active investor in the Indonesian startup scene for the period, according to Tech in Asia. Recent investments include Academix (Gapai), Yobo, AssetFindr, and Dash Electric, according to Tech in Asia. Antler currently has nine Indonesian fintech startups in its portfolio, including SME payment and financial solutions ArkoPay, instant refund and return platform Refundway, and SME credit startup Tumbuh.

Living Lab Ventures

Living Lab Ventures

Living Lab Ventures (LLV), based in Indonesia, is the CVC arm of Sinar Mas Land, focused on supporting impactful and scalable businesses across Southeast Asia. The firm invests in global-minded entrepreneurs building high-impact companies, leveraging its expertise, support services, and ecosystem to facilitate growth. The firm’s sector-agnostic approach targets markets where technology, innovation, and capital can unlock long-term value and drive economic growth.

LLV operates on three main pillars: investment, incubation, and venture building. The firm provides funding for game-changing startups that have been deemed to have high growth potential. Through its incubation program, Living Lab X, LLV provides collaborative support to early-stage startups, helping them succeed from their infancy. In venture building, LLV transforms new business initiatives into fast-growing products that support its core business operations.

In the past 24 months, LLV has participated in 18 deals, including investments in Jendela360, Amoda, DOOgether, Imajin, and Lingkup. The firm has four Indonesia fintech startups in its portfolio, namely digital financial service Dana, digital mortgage aggregator Ideal, invoicing startup and supply chain financing solution provider Kawan Cicil.



Iterative, based in Singapore, is a dedicated accelerator focusing exclusively on Southeast Asia. Founded by the cofounders of (acquired by eBay), Iterative differentiates itself with partners, mentors, advisors, and investors who have all previously started, sold, and operated startups. Iterative’s mission is to build the strongest and most supportive network in the region for early stage founders.

Iterative invests US$150,000 – US$500,000 in a batch of startups and runs the accelerator twice a year. Upon admission, they invest the full amount then work with the founders closely on their idea for three months. After three months, these startups present their solutions to a select group of investors with the goal of raising a larger round of investment.

Iterative’s acceleration program focuses on three main activities: investing in early-stage startups, working closely with founders on their business development, and assisting founders with investor relations. This is facilitated through a combination of office hours with Iterative partners, small group sessions, speaker events, a fundraising boot camp, and a demo day attended by over 400 investors.

Over the past 24 months, Iterative has participated in 18 deals, including investments in Blitz Electric, Momofin, Manuport, Ars, and Zi.Care, according to Tech in Asia. Its portfolio comprises four Indonesian fintech startups in its portfolio, including artificial intelligence (AI) startup company Finskor, fractional property marketplace Goro, and digital financing agent platform Kentara.

Intudo Ventures

Intudo Ventures

Founded in 2017, Intudo Ventures is a VC firm that invests exclusively in Indonesia. Backed by Silicon Valley expertise and an established network of experienced global institutions and Indonesian family conglomerates, Intudo has a demonstrated record of successfully making highly concentrated bets in Indonesia.

This approach is supported by our hyper-local familiarity and capability to provide support in Indonesia, which in turn has positioned Intudo as a trusted gateway to Indonesia for global investors. The firm acts as the “Indonesia beachhead” strategy for dozens of leading institutions, VCs, private equity (PE), hedge funds, and family offices from the US, North Asia, and Southeast Asia and supports the digital transformation strategy of dozens of leading Indonesian conglomerates.

Over the past 24 months, Intudo has made 12 deals, with recent investments including Jago Coffee, Jala, Alami Sharia, Slice Group, and Coldspace, according to Tech in Asia. It has four fintech startups in its portfolio, namely crypto exchange Pintu, payment gateway and unicorn startup Xendit, property transaction platform Pinhome, and Islamic mobile banking app Hijra Bank.

MDI Ventures

MDI Ventures

MDI Ventures, headquartered in Jakarta, is a multi-stage VC firm backed by Telkom Indonesia with offices in Indonesia, Singapore, and the US, and extended offices in Europe and South Korea. Since 2016, MDI Ventures has been trusted in managing multiple funds and has invested in over 80+ companies across 12 countries.

MDI Ventures manages a variety of funds, contributing to all stages of investment to maintain efficiency and ensure no opportunities are overlooked. Beyond managing its own funds, MDI Ventures also handles investments from third-party limited partner (LP) investors. This unique approach allows MDI Ventures to create new business opportunities and revenue streams through collaborations between the startups it invests in and its anchor LP investors, which include major Indonesian corporations such as Telkom and other state-owned enterprises.

MDI Ventures is also mandated to manage incubator and accelerator programs, as well as an angel investment network. The initiatives are meant to capture good opportunities as early as possible, and also contribute to building the emerging Indonesian startup ecosystem.

Over the past 24 months, MDI Ventures has participated in 12 deals, including investments in companies such as Cakap, Good Doctor Technology, Delos, Genexyz, and Legit Group, according to Tech in Asia. The firm has 17 fintech and insurtech startups in its portfolio, including Indonesian startups omnichannel insurtech Qoala, digital signature app Privy, Amartha and Fazz.


Featured image credit: edited from freepik