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.