JAKARTA (TheInsiderStories) – Indonesian startup, Credibook, get Series A funding US$1.5 million led by Wavemaker Partners with participation from Alpha JWC Ventures and Insignia Ventures Partners. The company involved in the digitalization of small and meditum enterprises (SME) said will use the fresh fund for expansion in the archipelago.
Last year, the financial technology (FinTech) has raised seed funding from Insignia Ventures Partners and Payfazz and argeting 60 million businesses to use their platform for their digital financial records. Launched in 2020, the application has now been used by more than 200,000 users.
The debt manager platform set up to help the SMEs that have debt-receivable problem. The derivative products is moving towards on the digital payments, especially on the bill payment side. The company also working with several institutions to help SMEs increase their capital financing.
Recently, Indonesian Venture and Startup Capital Association reported that total funding to Indonesian startups reached $1.9 billion until the third quarter (3Q) of 2020 with 52 transactions. According to the vice chairman, William Gozali, although the value was lower, the window for funding in local startup was still quite large and it can grow by around $2 million in the fourth quarter of 2020.
In 2019, he continued, the total funding was recorded $2.9 billion, higher than 2018 amounting to $1.4 billion. He continued, there are still plenty of room for venture capital companies to grow with startups in Indonesia. Although the transaction values decreased, he assured, that the number of transactions continued to increase.
In detail, funding in 2017 was 67 transactions. Then, 71 transactions in 2018 and 113 transactions in 2019. The organization data also showed, until end of September, most of the funding goes for financial technology firm, with total eight transactions. Followed by funding for education technology with six transactions. Moreover, the software as a service sector also with six transactions, the new retail sector five transactions, the logistics sector and e-commerce for 4 transactions, respectively.
“We see there are optimism in the midst of a pandemic that Indonesian startups are still have a window to ge funding. Its encouraging that this industry is still positive at a macro level. Even if there is a decline, it is more of a delay,” said William.
The organization also noted that the top funding value for the six startups was still quite large, in the range of $20 million to $109 million. In the first place, the restaurant-chain operator, Kopi Kenanga worth of$109 million, Cargo Technology $31 million, and Gudang Ada amounting to $25.4 billion.
Then, peer to peer lending operator, Investree, was recorded to received funding of $23.5 million and Koinworks worth of $20 million. The last one is funding to Shipper of $20 million.
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