Indonesia: Cermati closes Series A extension from Orange Growth Capital

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Indonesia’s financial e-commerce provider, Cermati, has raised seven-digit USD funding from Orange Growth Capital (OGC), a fintech venture capital firm, the company announced Thursday.

The latest investment will fund team expansion, product development and further technical enhancements. The latest round will see Hans de Back, Partner at Orange Growth Capital, join Cermati’s board.

Speaking on the investment, Oby Sumampouw, CTO and co­founder of Cermati, said: “We are laser focused in building a financial technology platform to provide the most streamline and easy to use experience for Indonesians to discover and get financial products.”

“We’re excited to use this new funding to improve our state of the art technology, data science and analytical tools. We’re hiring more tech talents to join our world class tech team this year, “ he adds.

Cermati’s online offering helps customers research and get financial products, such as credit cards, auto loans, personal loans and mortgages, that suit their needs. It claims to have become the most visited financial e-commerce site in Indonesia, posting 3.2 million monthly visits in December 2016 and facilitating helped to facilitate over IDR 100 billion worth of consumer loans in 2016.

Andhy Koesnandar, CEO and co­founder of Cermati said, “We are very pleased to partner with OGC, which brings deep experience in building FinTech businesses. We look forward to capitalizing on OGC’s experience in Indonesian market opportunities. This investment will accelerate our progress to achieve our mission of making financial products more accessible to many more Indonesians.”

Orange Growth Capital, a European and Asian FinTech VC and backer of peer-to-peer platform Zopa and online trading platform BUX, invested in the Series A Extension round (an extension to the Series A round previously announced in September 2016, led by East Ventures and participated by Beenos Plaza)

This investment is OGC’s first investment in Asia.

According to OGC’s website, it invests in high growth companies primary in EMEA and Asia and prefers to be the first Institutional Investor when proof of concept is present with evidence of revenues. Its investments range from EUR 250,000 to EUR 10 million over a company’s lifecycle for a minority stake.

Its geographic focus is on Southeast Asia, with a concentration on Indonesia, Singapore and Malaysia. Its current sectorial focus is on themes related to retirement & wealth management solutions; disruptive Insurance distribution and underwriter plays; alternative lending & deposits products; artificial intelligence and machine learning; security (e.g. KYC, fraud, etc.); and blockchain-based solutions.

With regard to their their first Asian investment, de Back said: “We are delighted to invest in Cermati and to partner with Andhy and the team. This business has huge potential for further growth as the Indonesian market is the largest in South East Asia.”

“In Indonesia there is growing disposable income amongst the population and a regulator supportive of the growth of the financial services industry, where today there are only approximately 36 percent of Indonesians that are customers of financial institutions. We are looking forward to working with Cermati to build a top tier financial e-commerce portal in Indonesia,” he added.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.