Komunal, a Jakarta-based Fintech startup, has successfully raised $5.5 million in its extended Series A funding.
The round was backed by a range of investors, including the prominent Sumitomo Corporation, and received support from existing backers like AlphaTrio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora, Gobi Partners, and JAFCO Asia.
The news was initially shared by JAFCO Asia via a LinkedIn post.
Co-founded in 2019 by Hendry Lieviant, Rico Tedyono, and Kendrick Winoto, Komunal has rapidly emerged as a noteworthy innovator in Indonesia’s FinTech sector.
The company has distinguished itself by launching the country’s first rural bank product deposit app, marking a significant milestone in its efforts to promote financial inclusion in the region.
Komunal’s unique approach has reshaped the traditional banking framework in Indonesia. It focuses on connecting Micro, Small, and Medium Enterprises (MSMEs) with potential financiers, contributing to the economic upliftment of the country.
One of its key products, DepositoBPR, is a pioneering platform that facilitates digital deposits across various rural banks (BPRs) throughout Indonesia.
The recent funding is expected to play a crucial role in advancing Komunal’s mission of enhancing financial inclusion and innovation. By harnessing technology, the company said it aims to bridge the existing gap between rural banking systems and the modern financial ecosystem.
This initiative is particularly aimed at providing accessible and efficient financial services to underserved communities, thus reinforcing Komunal’s commitment to socio-economic development in Indonesia, the startup added.