Indonesian peer-to-peer lending startup Akseleran has raised around $8.5 million in a Series A funding round from a slew of venture capitalists including Access Ventures, said sources privy to the development.
The investment pegs the valuation of the fintech startup, established in early 2017, at $20-25 million, they added.
Access Ventures focuses on early-stage tech companies in Vietnam, Indonesia, and South Korea. An executive from the firm confirmed the development but declined to divulge details pertaining to the amount it invested in the company. Akselaran, on the other hand, refused to comment on the current investment round.
Sources told DealStreetAsia that other venture capital firms, too, have participated in the Series A round and that Access is not the lead investor. Some of Access Ventures’s portfolio companies include Indonesian enterprise chatbot firm Kata.Ai; Vietnamese mobile payments firm Moca [which was sold to Grab]; robotics tech firm Ohmni Labs. Its investments in Korean firms include Skelter Labs, an AI lab building company, and, Reality Reflection, a photorealistic tech company.
Akseleran, headquartered in Jakarta, was founded by Tambunan and his two colleagues. While it started out as a fintech startup employing an equity crowdfunding business model, it later pivoted to a peer-to-peer lending firm to comply with rules set by the Indonesian Financial Services Authority (OJK).
Since its inception to the end of 2018, Akseleran had channeled about IDR210 billion ($15 million) of loan. Going forward, by the end of 2019, the company aims to facilitate up to IDR1.2 trillion ($85 million), per media reports.
The startup, which connects SMEs with a group of lenders, runs a mobile application called Auto-Invest that enables lenders to determine loan criteria such as duration of loan and interest rates.
Akseleran made headlines at the beginning of the year for raising as much as $2.5 million in its pre-Series A funding round from a bouquet of investors, whose names were not disclosed.
“Our target is to have more than 2,000 loan recipients by the end of 2019. By far we have secured around 450 loan recipients. We also have plans to work with B2B companies to add the number of loan recipients,” Tambunan was quoted as saying at a press conference in February 2019.
The company is currently working with e-commerce giants Tokopedia and Bukalapak to add its number of loan recipients.
While a part of the funding will help the company scale its operations, another part will be used to disburse loans to the country’s SMEs, Tambunan had indicated earlier.
“The big target is to have cumulative loan disbursement of no less than $100m by the end of 2019,” he had told Dealstreet Asia in an earlier interaction a few months ago.
With around 65 per cent of its 250 million population still categorized as unbanked, Indonesia presents a huge opportunity for peer-to-peer lending startups.
Over the past few years, the country’s peer-to-peer sector has attracted huge investment interest from venture capital firms. Among startups that have raised big money recently include names such as Modalku, KoinWorks, and Investree. DealStreetAsia recently reported that Modalku, too, is in talks to raise around $50 million in a new funding round that could help it spruce up its expansion plans.