Tagged: indonesia

Indonesian Financial Wellness Firm GajiGesa Welcomes $6.6M pre-Series A

GajiGesa, an Indonesia-based company that offers financial wellness solutions that include the Earned Wage Access (EWA) program, today announced a $6.6 million pre-Series A round. New contributors to the round include MassMutual Ventures, January Capital, Wagestream, Oliver Jung, Patrick Walujo, Chee-Yann Wong, RS. Bunda Group,… Read More

Indonesia’s Digital Wallet OVO Is Introducing Fixed Income Product

Indonesia-based digital wallet OVO is teaming up with financial marketplace Bareksa and Bahana TCW Investment Management in order to introduce a fixed-income product. The Bahana MES Syariah Fund Kelas O is reportedly being offered only via the OVO app as part of the digital wallet’s… Read More

Super-app Grab Sees Service Disruption Weeks Ahead of Expected $40B SPAC Completion

Southeast Asian “super-app” Grab is working to restore service today, the company said. Customers across Singapore, Thailand, Malaysia, and Indonesia have reported trouble using the super-app, with some voicing their frustrations on social media. “We experienced a service disruption this morning that impacted a number… Read More

Central Bank of UAE and Bank Indonesia Sign MoU, Focusing on Digital Innovation in Payments

The Central Bank of the UAE (CBUAE) and Bank Indonesia (the Central Bank of the Republic of Indonesia) have reportedly entered a Memorandum of Understanding (MoU) in order to expand mutual co-operation. The bilateral MoU will be including three key areas, focusing on digital innovation… Read More

Wealthtech Moduit Raises $4.5 Million

PT Moduit Digital Indonesian has received USD $4.5 million, or IDR 65 billion in a pre-Series A Round, according to a company release. The investment was led by Singapore’s Reciprocus Moduit Holding (RMH). The company said the funding was fueled by its strong performance in… Read More

P2P Lender Robo.cash Provides Loan Origination Updates for Q3 2021

Croatian P2P lender Robo.cash has shared the performance of its loan originators for Q3 2021. The Robo.cash team writes in a blog post, dated November 2, 2021, that today, they’re updating clients on the results of the Robo.cash loan originators in Q3. UnaPay, the Philippines… Read More

Insurance Cooperative NTUC Income to Expand into Indonesia, Vietnam, Malaysia

NTUC Income, an insurance cooperative based in Singapore, has reportedly made its first efforts to expand into three other Southeast Asian markets including Indonesia, Vietnam and Malaysia. NTUC Income has entered strategic partnerships with PT Central Asia Financial (JAGADIRI) in Indonesia, Post and Telecommunication Joint… Read More

Investree Raises $10 Million, Targets Financial Inclusion in Indonesia

Investree, an online lender based in Indonesia, has raised $10 million that will be utilized to provide services to SMEs. The funding came from responsAbility Investments, an asset manager from Switzerland that focuses exclusively on sustainable investment. Additionally, Accial Capital, a tech-enabled investor in fintech… Read More

FinAccel’s P2P Lending Subsidiary KrediFazz Issued Operational License by Indonesia’s OJK

KrediFazz, a subsidiary of FinAccel that operates as a P2P lending Fintech, has been issued a business license from the Financial Services Authority (OJK) via the Decree of the OJK Board of Commissioners Number: KEP-81 /D.05/2021, dated August 24, 2021. KrediFazz, a Fintech firm with… Read More

Ribbit Capital Makes Investment in Bank Jago to Support Financial Inclusion Efforts in Indonesia

PT Bank Jago Tbk recently announced that Ribbit Capital, which is one of the leading Fintech investors whose investments includes Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma, has made an investment in Bank Jago, an Indonesia-listed tech -based bank with “a drive… Read More

Singapore based Qapita, Provider of Equity Management SaaS Solutions, Acquires $15M Series A

Singapore-headquartered Qapita, provider of equity management software-as-a-service (SaaS) solutions, has secured $15 million via a Series A round. Qapita’s investment round was co-led by East Ventures (Growth Fund) and Vulcan Capital, along with contributions from NYCA and other existing investors such as MassMutual Ventures and… Read More

Indonesian Fintech Unicorn Xendit to Shift Business Operations to Malaysian Markets

Indonesia-based payments Fintech Xendit has announced that it plans to relocate its financial hub to Malaysia. As reported by Fintech News Malaysia, the Fintech Unicorn confirmed these plans during a speech by Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz (which took place during… Read More

OY! Indonesia Raises $30 Million in Round Led by SoftBank

SoftBank Ventures Asia has led the $30 million Series A funding round in OY! Indonesia. MDI, Pavilion Capital, AC Venture, CCV, Wavemaker, PT SAT, Saison Capital Pte. Ltd., and Orion Advisors (DST Founders) also participated in the round that had a valuation of around $100… Read More

Latvia based Fintech Jeff App Finalizes $1.5M Seed Extension Led by J12 Ventures

Jeff App, the Latvian Fintech company offering a data-powered loan brokerage platform for unbanked or financially underserved consumers in Asia, has finalized a $1.5 million seed extension round, which was led by J12 Ventures. Jeff App has now secured a total of $2.5 million. Other… Read More

Consumer Behavior in Indonesia Is Changing with Increased Usage of Digital Payments: Survey

Kadence International Indonesia has shared the findings of a new research study, titled Digital Payments and Financial Services Usage and Behavior in Indonesia. The extensive report is reportedly based on an online survey of 1,000 respondents carried out in July of this year in large… Read More

Islamic Crowdfunding Platform Ethis Global Secures RM 6.8M to Expand Operations in Southeast Asia

Ethis Global Sdn Bhd, which operates “regulated” Shariah-compliant, “ethical” and impact focused investment crowdfunding platforms in Indonesia and Malaysia and social finance platform GlobalSadaqah, recently revealed that it finalized an RM6.8 million (appr. $1.62 million) pre-Series A round. The proceeds have will be allocated towards… Read More

Updated Digital Banking Framework Introduced by Indonesia’s Financial Services Authority

Virtual banks in Indonesia must have minimum paid-up capital of IDR 10 trillion (appr. $694 million). But the capital deposit needed when submitting an application is only IDR 3 trillion. Indonesia’s OJK (Financial Services Authority), the nation’s financial regulator, has shared an update to its… Read More

Digital Direct-to-Consumer Insurance Marketplace Lifepal Acquires $9M via Series A

Indonesia’s Lifepal, a digital direct-to-consumer (D2C) insurance marketplace, reveals that it has acquired an oversubscribed $9 million through a Series A round, bringing the total capital secured by the firm to $12 million. As noted by its management, Lifepal is the largest insurance marketplace in… Read More

Indonesian Tech Giant Bukalapak to Leverage Fraud Prevention Solution from Vesta to Maximize Legit Credit Card Transactions

Vesta, the only “instant, end-to-end” transaction guarantee platform for making online purchases, recently revealed that it has been chosen by Bukalapak, which is one of Indonesia’s biggest tech firms. According to a release, Bukalapak will be leveraging Vesta’s extensive fraud prevention solution “to maximize approvals… Read More

Kredivo, a Digital Consumer Credit Platform in SE Asia, to Become Publicly Traded Firm via Merger with VPC Impact Acquisition Holdings II

FinAccel, the parent of Kredivo, an AI-powered digital consumer credit platform based in Southeast Asia, and VPC Impact Acquisition Holdings II (NASDAQ: VPCB), a special purpose acquisition company sponsored by Victory Park Capital, revealed on August 2, 2021 that they have finalized a definitive agreement… Read More

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