FinTech news in Indonesia category
The round was led by Japanese bank Mizuho Bank, a subsidiary of Mizuho Financial Group that contributed $125 million. It included participation from returning investors like Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures.
The 12 startups gathered in the presentation hall had been hand-picked from about 3,600 applicants for the latest cohort of Sequoia’s four-year-old early-stage-focused Surge program
Ayoconnect’s new funding will be used for leadership hiring, and on its Ayoconnect’s product and technology, including new solutions for payments, data and banking and new APIs for account opening and card issuing.
Crypto exchange and marketplace Reku has been riding the wave with what it says are the lowest fees on the market, and a platform that is aimed at both newcomers and experienced traders. Its founders say that Reku’s five years of operation mean that they know how to scale and endure fluctuations in the market, including the pandemic and this year’s recession. It is compliant with Indonesia’s commodities future trading agency (BAPPEBTI) and emphasizes user safety by offering only well-established cryptocurrencies like Bitcoin and Ethereum. Today, the startup, founded in 2017, announced it has raised $11 million in Series A funding, led by AC Ventures (ACV) with participation from Coinbase Ventures and Skystar Capital.
AC Ventures (ACV), a venture firm focused on early-stage startups in Indonesia and the rest of Southeast Asia, has reached the first close of its fifth investment fund (Fund V). Li said global investors are drawn to Southeast Asia as it continues to show evidence of being a maturing market, with the successful IPOs of unicorns like GoTo and Bukalapak, an increase in later-stage capital and more secondary exits. Li said that ACV typically invests in 10 to 12 companies per year across its funds, and that continues despite the global slowdown in venture capital investing. ACV’s efforts to help founders include several key appointments who will work closely with startups — Lauren Blasco as head of ESG, Leighton Cosseboom as head of PR and communications, and Alan Hellawell as a senior adviser and venture partner.
They also see what factors go into their credit score, including their payment history, credit utilization, the balance versus their secured versus unsecured credit accounts, the age of each of their credit accounts, ID monitoring to see if a financial institution is doing a hard check on their data, the total number of credit accounts they have, both active and inactive, and outstanding balances.
After living and working in the United States for almost 25 years, he moved back to Bangladesh in 2018 to digitize micro-credit, with the goal of creating a digital credit platform for micro-merchants that did not require a smartphone or digital literacy.
Apti said that providing large-scale access to mid- to low-income communities in a cost-efficient way compared to their traditional channels means Mapan is able to offer better prices.
Flip has helped over 10 million people in Indonesia as of May this year, up from more than 7 million users in December 2021, to access financial transactions, including online interbank transfers to more than 100 domestic banks, e-wallet top-ups, and international remittances, enabling users to send money from Indonesia to over 45 countries and enterprise payment transfer products.
In addition to payment methods, Arrow also integrates shipping information and affiliated loyalty programs, so customers see everything on a single checkout page. Arrow can be integrated into shopping platforms like WooCommerce or Magneto or through APIs that let merchants replace their existing storefronts with Arrow.
While Alipay focuses on China’s domestic consumers and merchants, its sister Alipay+ appears to be Ant’s ambition to go after users outside China who have similar cross-border payments needs.
One of Gotrade’s key markets is Indonesia, where Gotrade has launched Gotrade Indonesia. Gotrade Indonesia says it is the first platform in Indonesia to offer this kind of market access for U.S. stocks, meaning that its users don’t have to go through a foreign stockbroker or trade CFDs locally while accumulating substantial fees.
Inside Plaid’s plans to build a new, global finance network Other participants include Trihill Capital and returning investors Better Tomorrow Ventures and Rally Cap Ventures, along with individual investors like Creative Juice co-founder and CEO and Plaid’s former head of business development and strategy Sima Gandhi; Bond Financial Technologies co-founder Yan Wu; Brian Ma, founder of Divvy Homes; Iterative co-founder and managing partner Ooi Hsu Ken; Pine Labs CEO Amrish Rau; and Aspire co-founder and CEO Andrea Baronchelli. Brick’s APIs include Brick Data, Brick Verification and Brick Payments, which can enable an end-to-end process for online loans, including verifying user identity, underwriting and making sure that funds are disbursed into the right bank account. This amount includes Brick previously undisclosed seed funding, which journalist reported in May 2021, but the majority of it is fresh capital, said co-founder and CEO Gavin Tan. Brick currently operates primarily in Indonesia, but is planning to expand into Singapore and the Philippines before eventually covering all markets in Southeast Asia.
KoinWorks was originally created to help SMEs, which are often turned away by traditional financial institutions, get access to working capital. Over the last three years, Indonesian fintechs focused on SMEs have grown to include other neobanks and startups that started out as accounting software but are expanding to include working capital loans and other financial services.