JAKARTA (TheInsiderStories) – P2P lender, Investree, has raised the first tranche of its new series C funding round worth of US$23.5 million to fuel its business expansion to Southeast Asia. The round co-led by MUIP, the venture arm of Japan’ Mitsubishi UFJ Financial Group, Inc., and BRI Ventures, unit of state-owned lender PT Bank Rakyat Indonesia Tbk (IDX: BBRI).
Other investors involved in the series C funding are Japan’ SBI Holdings and China’ 9F Group, whom also joined the series B funding round. It said, the series C round will remain open and the company will provide further updates in due course.
“These two leading banks from Japan and Indonesia will support our commitment to funding the growth of SMEs (small and medium enterprises) in Indonesia, the Philippines and Thailand, which currently face a $430 billion credit gap,” said Adrian Gunadi, co-Founder & CEO of Investree in the company statement released today (04/08).
He added, the series C funding will strengthen their commitment to support Indonesia’ SMEs through financial assistance, especially those who are affected by COVID-19.
While, Nobutake Suzuki, President & CEO of MUIP, expressed, “Southeast Asia has significant potential in terms of SME lending, and we see that Investree already has a proven strategy and management expertise that really makes it the standout player in the FinTech lending industry in Indonesia and wider Southeast Asia as it grows overseas.”
He confident that together with its Indonesian unit, PT Bank Danamon Tbk (IDX: BDMN), that have cooperation dating back to 2016, both companies can contribute in helping Indonesian SMEs in getting through this challenging period. In 2018, MUFG has officially take over the private lender after get approval from Financial Service Agency.
While, Nicko Widjaja, CEO of BRI Ventures, stated, “Through this investment, we strongly believe that the collaboration between BRI Group and Investree that has been ongoing since 2018 can significantly contribute to economic growth in Indonesia.”
Last year, the unit of Bank Rakyat Indonesia, prepared $250 million funds to develop financial technology businesses, said the director Indra Utoyo. The venture capital has launched BRIAPI to bridge between the lender and the growing startup industry.
The bank acquired 97.61 percent, or 15,874 shares in Rp3.09 billion of BRI Ventures from PT Bahana Artha Ventura (BAV). The venture capital will be a startup company that has synergistic potential with the Group. BBRI has acquired 35 percent of BAV, which is a subsidiary of state-owned financial company, PT Bahana Pembangunan Usaha Indonesia with worth of Rp71.21 billion.
by Linda Silaen, Email: email@example.com