top of page

Indonesia Fintech Industry News - July 2017

P2P lending picks up in Indonesia

Investree is a P2P lending online marketplace which connects investors to those who want to borrow money. The Indonesian P2P platform allows people from all walks of life to participate in the lending economy, and conveniently connects lenders to borrowers. Investree soft-launched in 2015 and in addition to lending, provides information regarding the creditworthiness of borrowers, and companies can use invoices as collateral. Investree have also announced that Chinese investment companies have initiated discussions for another round of investment for its next Series B round. The startup obtained Series A investment in 2016 from local venture capital Kejora. The P2P lending environment has been gaining traction with players such as Modalku, Kredibo, and UangTeman (its meaning is literally, “money from friends”). These companies have obtained inward investments of at least US$7 million.


Tanifund is an agricultural startup finance company which provides small loans to farmers. The platform gathers investors, individuals and banks to finance small loans needed in plantations and farms on a profit-sharing scheme. Farmers regularly need small loans to buy seeds and to pay expenses for new rounds of planting. Through the website, investors can now find farmers and their requirements, and to organise shared profit schemes. Tanifund is accompanied by Tanihub which is the website platform for these transactions. Tanihub has already channeled 1300 of such loans.

Separately, Bank Mandira and NonHyup Financial signed a partnership to provide loans for agricultural cooperatives, farmers, commerce and remittance services in Indonesia. Agribusiness is among the bank's preferred sector and accounts for 11 percent of total loans disbursed by the bank last year, equaling US$5.87 billion. State-owned lender Bank Rakyat Indonesia (BRI) is currently the biggest player in the micro loan segment for agriculture.

Increasing presence of online e-commerce ecosystem in Indonesia

The e-commerce ecosystem is growing in Indonesia. This digital ecosystem includes SMEs and start-ups engaging many traditional and non-traditional businesses. Recent data shows that 41 percent of all Indonesians shopped online in 2016, with 33 % of them using mobile commerce. In the same year, there was a 155 % year-on-year growth of mobile commerce shoppers-- that which is the fastest in the world. The growth of SMEs online and rise of Internet users over smart phones show a growing e-commerce environment in Indonesia.

Telkom moving into e-commerce

Telkom Indonesia like is seeking new partnerships and business models to compete with online technology businesses. Telcos in Indonesia are developing new services in digital entertainment, games, movies and music, TV and content to attempt to realise new revenue channels. Telekomunikasi Indonesia, the country's largest telecommunications company, is planning partnerships with e-commerce sites to boost the sales of its pay-TV and home broadband bundles. Telkom has already joined forces with startup Tokopedia, which is an active online e-commerce provider.

Mandira invests in Cashlez

State-owned Mandiri Bank invested US$2 million towards payment startup Cashlez. Cashlez is one the first Indonesian startups to develop payment solutions locally in Indonesia. Solutions they currently have include a fully certified card-based payment gateway and merchant reporting tool. Cashlez deploys card readers all over Indonesia for merchants to make mobile payments. These card readers use the bluetooth connectivity of any smart phone device to enable payments. Cashlez's mPOS readers can also accept Visa and MasterCard payments. Cashlez has partnered with some 1,000 Indonesian merchants.

Halomoney attracts investment this week announced the entry of new investors through its Series B funding. is an independent comparison website which focuses on rating credit card providers and services. Indonesians use the financial information available at to obtain comparison of credit deals, as well as to sign up to new credit card services. Halomoney is a free service for consumers.

Jukir acquires Wallezz

Parking technology startup Jukir has acquired local fintech firm Wallezz Finansial Teknologi. The Jukir solution currently allows users to find and reserve parking spaces, pay fees, purchase tickets, buy phone credits, and purchase pre-paid electricity vouchers. The acquisition will strengthen Jukir’s electronic payment service. Wallezz’ payment system will be combined into Jukir’s services for parking payments. Jukir collaborates with city governments with the ambition of achieving the concept of a smart city.

Julo to reach out to the unbanked

Julo is a personal Android-based loan financing app aimed at working adults. It was recently funded by Shyster Capital, East Ventures, Convergence ventures and other angel investors. Julo is a startup seeking to to reach out to the unbanked population that traditionally do not have bank accounts or credit cards. Julo empowers this segment for online commerce and payments. The investment money will be used to reach more customers all over Indonesia.

BRI to acquire VC

Indonesia’s state-owned lender Bank Rakyat Indonesia (BRI) is in the process of acquiring a venture capital firm. BRI seeks to join the club of Indonesian banks, both state-owned and private, that want to set up their own VC arms to venture into fintech.

For full version of Collyer-Bytes, please contact to subscribe.

Featured Posts
Recent Posts
Search By Tags
bottom of page