Co-Founder & Chief Executive Officer Akseleran Ivan Nikolas Tambunan on Thursday (5/7) said the company disbursed more than Rp67 billion (US$4.6 million) loans since its launch in October last year.
The loans purpose for the working capital and capital expenditure ranging from Rp75 million to Rp2 billion per loan with an interest rate of 18 per cent to 24 per cent per annum. The majority of the clients is small medium enterprises (SMEs) with an average income of Rp1 billion per month.
The FinTech lending company collaborated with some financial leasing companies to achieve the loan disbursement target this year namely PT Indosurya Inti Finance (Indosurya Finance), PT Globalindo Multi Finance, and PT Andalan Finance Indonesia.
Akseleran managed to raise funds from the New York-based family office and the parent company PT Industri dan Perdagangan Bintraco Dharma amounted to US$2 million.
“Seven-digit dollars,” he said, as quoted by Bisnis Indonesia.
Akseleran is a FinTech company that brings together the lenders and borrowers. By giving this service, the company gets a fee of 0.25 per cent from each loan per month.
Investors can create an account in the company’s official website then can directly make an investment with a minimum fund of Rp100,000.
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 company raised funds from 15,000 investors by May 2018, of which 99 per cent is the individual investors.
The lenders have the discretion to choose the borrowers, nevertheless, there remains an agreement between lenders and borrowers to determine the value, interest rate, and tenor of loans. The company also conducts tight due diligence to the prospectus borrowers.
The startup recorded 0.9 per cent per cent of non-performing loan (NPL) by June 2018. The company maintains the NPL below 1 per cent this year. Akseleran uses the borrowers selection appropriately by giving credit rating.
Indonesia’s FinTech lending rose in signifcantly by 952 per cent to 2.6 trillion in January 2018 from December 2016, much higher than 8.1 per cent of loan growth of conventional bank in 2017.
The FinTech lending is expected to bolster Indonesia’s low level of financial inclusiveness. Indonesia has a population of 263 million people, but the inclusive financial rate only reached 63 per cent of the population by the end of 2017. It means there are 165 million people who cannot access the financial services. Currently, only one in the three adults have bank accounts and Indonesia’s savings-to-GDP ratio, at around 34 per cent in 2015, was the lowest among Asia Pacific countries.
According to Indonesia’s financial regulator in 2016, the national loan demand reached Rp1,600 trillion. Unfortunately, only about Rp600 trillion that can be catered by banks and other financial institution. This mean, there is a shortfall of Rp1,000 trillion. This shortfall resulted in many small businesses cannot access the loan, resulting in a GDP loss of 14 per cent by 2015.