Modalku makes it into CB Insights’ Fintech 250 list

  • Modalku operates in Singapore, Indonesia and Malaysia
  • Focuses on underserved SMEs and retail investors  

 

Modalku makes it into CB Insights’ Fintech 250 list

 

CB INSIGHTS, a private research company on the startup industry, has named Modalku to the Fintech 250, a group of emerging private companies working on groundbreaking financial technology.

Modalku, the pioneering fintech (financial technology) peer-to-peer lending company operating in Indonesia, Singapore, and Malaysia, is the only peer-to-peer lending company from Southeast Asia selected to be on the list.

CB Insights CEO and co-founder Anand Sanwal, revealed the Fintech 250 companies during The Future of Fintech event, a gathering of the world's largest financial institutions, best Fintech startups, and most active venture investors.

“The financial services industry will see more change in the next 10 years than it has in the last 100. And that transformation is being driven by a group of smart insurgent startup companies. The Fintech 250 are the most promising of these insurgents.

“They are bringing emerging technologies and business models to financial services that will permanently change the way we handle money and do business,” said Sanwal.

“We are honoured to be named amongst the global Fintech 250 companies and be the only peer-to-peer lending platform from Southeast Asia on the list,” said Modalku CEO and co-founder Reynold Wijaya.

“Modalku also operates in Singapore and Malaysia, where it is known as Funding Societies. Each country has its own characteristics and needs. In Indonesia, for example, data from the Financial Services Authority (OJK) shows that there is an annual need for 1.6 trillion rupiah of nationwide funding. However, existing financial institutions can only fulfill around one third of that amount. There is still a need for one trillion rupiah worth of financing every year.

“We believe Modalku’s Fintech innovations can support financial inclusion and further develop the Indonesian economy.”

The CB Insights research team selected the Fintech 250 companies based on several factors, including data submitted by the companies and the company’s Mosaic Score.

The Mosaic Score, based on CB Insights’ National Science Foundation-funded algorithm, measures the overall health and growth potential of private companies.

Through this evidence-based, statistically-driven approach, the Mosaic Score can help predict a company’s momentum, market health and financial viability.

Together with companies such as Stripe, Ant Financial Services, Funding Circle, Dianrong and Robinhood, Modalku (Funding Societies) was recognised for its innovative technology in front of an audience of 1000 senior executives from around the world.

Founded at the tunnels of Harvard Business School, Modalku (Funding Societies) is led by Harvard and Stanford graduates from Southeast Asia, and is comprised of a team of local industry veterans.

It focuses on underserved SMEs looking for working capital loans and underserved retail investors seeking alternative investment.

Shortly after its fundraising from Sequoia India, Modalku (Funding Societies) has grown to become one of the largest peer-to-peer lending platforms in Southeast Asia.

It has recently picked up several awards, including the Fintech Award from MAS (Singapore regulator), the Best Customer Experience Award from Retail Banker International, and the Digital Innovation Award from Warta Ekonomi Indonesia.

Since its inception, Modalku (and Funding Societies) have collectively disbursed around 500 billion rupiah in loans to 650 SMEs in Southeast Asia.

Quick facts on the Fintech 250:

  • These 250 emerging private companies have raised US$14 billion across 240 deals in 2016.
  • Applications of their technology include breakthroughs in insurance, lending, payments, human resources, real estate, and more.          
  • Ribbit Capital has backed 17 of the Fintech 250 companies, while Andreesen Horowitz and Goldman Sachs backed 9.
  • Twenty-three Fintech 250 companies have reached a valuation of US$1 billion or more.
  • Twenty-three countries are represented among the Fintech 250 companies.

 

Related Stories:
 
Modalku launches Merchant Cash Advance for underbanked MSMEs
 
Funding Societies to launch P2P platform in Malaysia 1H 2017
 
Bank Sinarmas allocates US$760K to Funding Societies’ Modalku platform
 
Compliance a big part of Funding Societies’ US$7.4mil Series A

 

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