Home News Indonesia’s Akseleran Receives Funding US$8.55M

Indonesia’s Akseleran Receives Funding US$8.55M

Akseleran, a P2P Lending platform based in Indonesia, announced has received a Series A funding worth of US$8.55 million, led by Beenext at the end of 2019 - Photo by the Company

JAKARTA (TheInsiderStories) – Akseleran, a P2P Lending platform based in Indonesia, announced has received a Series A funding worth of US$8.55 million, led by Beenext at the end of 2019. This round was also supported by Central Capital Venture, owned by local lender, PT Bank Central Asia Tbk (IDX: BBCA), Access Ventures, Agaeti Venture Capital, and Ahabe Group.

“We want to expand and continue to improve our services to Akseleran users” said Ivan Tambunan, CEO & co-founder of Akseleran on Wednesday (01/15) as quoted by local media.

Since it was first launched in October 2017, Akseleran has channeled more than Rp1 trillion ($71.42 million) business loans to more than 2,000 borrowers. This year, the lender targeting to disburse loans Rp2 trillion.

At the beginning, the financial technology (FinTech) raised funds from the New York-based family office and the parent company, PT Industri dan Perdagangan Bintraco Dharma amounted to $2 million.

In addition to the corporate investor, the startup also raised funds from the individual investors in a range of Rp100,000 to Rp2 billion per investor with an interest rate of 18 per cent and 24 per cent.

The Indonesian FinTech is continues to grow rapidly, even though it developed in the past few years. Morgan Stanley reported the number of digital payment transactions in the country will reach $50 billion in 2027.

This value is reasonable, because in 2018, the value of electronic money transactions that are part of digital payments reached Rp 47.19 trillion. Morgan Stanley revealed that of 1,582 respondents, 20 percent of them preferred to use digital payment services from FinTech companies compared to the banks, telecommunications companies, or e-commerce players.

Seeing this, a number of banks regulated its business strategies so that not eroded by technological developments. The tactics used are various, starting from acquiring the FinTech company, cooperating with the fintech company or forming its own financial innovation.

PT Bank Rakyat Indonesia Tbk (IDX: BBRI) for an example, through its subsidiary PT BRI Agro Tbk (IDX: AGRO) formed its own online loan application, namely Pinang. Pinang is a digital lending product from BRI Agro and is also the first application-based bank loan product in Indonesia.

While, PT Bank Mandiri Tbk (IDX: BMRI) is reviewing the lender’ steps to enter the online business. The state-owned bank had cooperated with two peer to peer lending companies, PT Amartha Mikro Fintek and PT Lunaria Annua Teknologi (KoinWorks) to finance micro, small and medium enterprises (MSMEs) and online sellers.

Furthermore, Bank Central Asia chose to develop its own digital banking through providing capital expenditure of Rp 5.2 trillion this year to enhance its hardware, software, and security development.

Unlike the other banks, PT Bank Negara Indonesia Tbk (IDX: BBNI) said it would collaborate with startup companies in order to accelerate business growth today. This collaboration will be carried out through venture capital companies that are in the acquisition process.

Then, PT Bank Tabungan Negara Tbk with stock code BBTN also plans to develop FinTech which can serve subsidized housing loans. However, the company is still discussing about it because there is no other fintech housing loans previously.

US$1: Rp14,000

Written by Staff Editor, Email: theinsidersotores@gmail.com