- Funds will used to develop technology and product lines, for expansion and marketing
- Plans to officially operate in Thailand by the end of this year
INDONESIAN peer-to-peer (P2P) lending marketplace Investree announced the closing of a Series B funding round, having raised an undisclosed sum.
The investment round was led by Japan-based SBI Holdings, followed by Mandiri Capital Indonesia, Persada Capital, Endeavor Catalyst, 9F Fintech Holdings Group, and existing investor, Kejora Ventures.
Investree co-founder and chief executive officer Adrian Gunadi said the funds will be used as capital expenditure for IT and product line development, expansion to other markets in Southeast Asia, marketing, and talent acquisition.
The company is set to expand to Thailand by December 2018 after having entered Vietnam under the name eLoan earlier this year.
“For Thailand, we see huge potential in funding niches in the country and we believe Indonesia is able to play an important role in creating a fintech ecosystem in SEA.
“The support from investors who have credibility in building the digital economy ecosystem increasingly fosters our dedication to continue in developing Investree’s products and services, helping SMEs get easy, fast, and transparent financing through financial technology, and realising our vision and mission to accelerate financial inclusion in Indonesia and other potential markets in SEA.”
To date, Investree has facilitated 1.04 trillion rupiah (US$69 million) in loans to 2,256 borrowers, with 45,578 registered lenders between 21 to 40 years of age. The lender has a return rate of 16.6% with no defaults.
Departing from its initial product ‘Invoice Financing’ where borrowers pledged ongoing billing as a source of loan repayment, Investree now also offers Investree Syariah.
Investree is also expanding in North Sumatra by working closely with banks and institutional lenders.
“In the midst of the development of fintech in Indonesia, we see a clear prospect for a business model of transparency. We are also registered with the Financial Services Authority (OJK). The amount of funding that has been distributed through Investree becomes one of the proofs of user confidence in Investree as a leader in the growing P2P lending industry today, especially in Indonesia.
“We are proud to be able to support the ideals of the Investree team in realising financial inclusion in Indonesia through the provision of technology-based financial services to provide loan solutions to SMEs,” says SBI Holdings Jakarta representation office Kento Tokimori.
Kejora Ventures, as an investor in the Series A round also has great confidence that Investree will be part of the growth of financial inclusion.
Kejora Ventures managing partner Eri Reksoprodjo says, “Kejora Ventures as an early investor of Investree, is satisfied with its development and expansion plans in SEA. Besides supporting Indonesia’s financial inclusion, Investree has paved the way for small businesses to secure financing by utilising its digital platform, which is complimentary to the conventional loan markets.”
Investree set to close Series B funding round
Indonesia’s Investree officially registers with the Financial Services Authority
KoinWorks supports SMEs with online lending solution
UangTeman expands service to Eastern Indonesia
Funding Societies launches FS Bolt app to provide fast and secure loans for SMEs
For more technology news and the latest updates, follow us on Facebook, Twitter or LinkedIn