JAKARTA (TheInsiderStories) — Cicil, the leading instalment financing platform for Indonesian university students, announced earlier today that it has secured a Series A funding led by East Ventures and Vertex Ventures. New investors K3 Ventures and Ethos Partners, as well as existing investor Accord Ventures also participated in the round.
The investment brings Cicil’s total funds raised to over US$5 million. Cicil provides financial help to students who need to pay for their tuition fees or other items such as laptops which they need for school.
Since its inception in late 2016, the startup has expanded across 10 provinces and 29 cities in Indonesia and serves students from more than 100 universities. Leslie Lim, Co-Founder of Cicil commented, “We’ve seen that access to finance is a real pain point for Indonesian university students and we hope that Cicil helps solve that problem.The new funds will allow us to accelerate our expansion and service even more students.”
According to data, more than half of Indonesia’s population does not own a formal bank account. However, about 70 percent of this ‘unbanked’ population owns mobile phones, which allows financial technology players like Cicil to thrive.
Willson Cuaca, Managing Partner of East Ventures says, “Leslie and Edward are solving one of the most critical Indonesia issue which is human capacity development. Access to education can lift up and improve living standard, however education system is costly in Indonesia. Cicil fills the gap by giving financing to student for their tuition and education tools such as laptop and computer. It helps the student progress forward and align with national movement to become Energy of Asia.”
Furthermore, Joo Hock Chua, Managing Partner of Vertex Ventures statedd, “We see huge opportunities beyond Indonesia, which is to help the students in the ASEAN region as well.”
Cicil is a Google launchpad accelerator startup focused on addressing the financial needs of Indonesian university students. The platform allows university students to pay for tuition fees and online purchases in monthly instalments without a credit card. They are registered with Indonesia’s Financial Services Authority OJK and a member of Indonesia’s Fintech Association.
While East Ventures is an early stage venture fund focused on Southeast Asia and Japan. Over several years, East Ventures has invested in hundreds of companies in Indonesia, Singapore, Japan, Malaysia, and Thailand.
The majority of East Ventures’ portfolio firms have been able to raise follow-on financing rounds. East Ventures has a strong track record in developing pan-Asia tech-ecosystems and backing startups in their early days. Success cases include companies such as Tokopedia, Traveloka, Mercari, Disdus (acquired by Groupon), Kudo (acquired by Grab), Tech in Asia, Omise, IDNTimes, Ruangguru, Jurnal, Cermati, MokaPOS, ShopBack, EVHive, Pasar Polis and Loket (acquired by Gojek).
its partner Vertex Ventures is a leading global venture capital platform with individual funds investing in early stage tech startups in SEA, India, China, US and Israel, respectively. The firm generally are the first institutional investor in Grab, and have invested and helped built many other great companies all the way including Waze, IGG, Mobike, CyberArk, Patsnap, Reebonz and others.