Indonesian P2P lender Akseleran in talks with Beenext, others to raise up to $20m

Indonesian peer-to-peer (P2P) lending startup Akseleran is in talks to raise up to $20 million in its Series B round, with the participation of its existing investor Beenext, said a top company executive.

Negotiations are at an advanced stage and the round is likely to be finalised by the first quarter of this year, Akseleran co-founder and CEO Ivan Nikolas Tambunan told DealStreetAsia.

Towards the end of 2020, a year laced with uncertainty due to the COVID-19 crisis, the company garnered funding from its existing investor Central Capital Ventura in a bridge round, added Tambunan. He, however, declined to disclose the deal size.

“The new round raised will be used to support our growth, expand our team and develop technology,” said Tambunan.

Launched in October 2017, Akseleran began as a fintech startup, implementing an equity crowdfunding business model. It later pivoted to a P2P lending firm to comply with regulations set by the Indonesian Financial Services Authority (OJK).

Despite the adverse impacts of the pandemic, the company claims to have disbursed loans worth around $70 million last year, 35% higher than 2019. This year, the company has set a target to disburse loans worth $143 million.

Going forward, Akseleran plans to get listed over the next few years. “After Series B, we should be able to get to cashflow positive this year. We want to ensure our long-term sustainability and hopefully, do an IPO in the next 2-3 years” said Ivan.

Akseleran leverages machine learning technology to read the pattern of its borrowers by verifying the accuracy of their financial statements. It focuses on cash flow-based lending and primarily provides working capital loans in the form of invoice and contract financing.

The company also has a mobile application called Auto-Invest through which lenders can determine the loan criteria such as duration of the loan and interest rates to cut down the time and hassle of selecting loan proposals from borrowers.

Akseleran raised as much as $8.55 million in its Series A round in 2019 led by Beenext with the participation of other investors namely CCV, Access Ventures and Agaeti Ventures.

In 2020 it secured a loan worth $70 million from Bank BCA, Bank Mandiri and J Trust Bank, besides various multi-finance companies such as Credit Saison, Kredit Plus, and Mandiri Tunas Finance.

Over the past few years, the country’s crowded P2P space has evinced significant investment interest from risk capital investors. Among startups that have raised capital are Modalku, Koinworks and Investree.

Singapore Reporter/s

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

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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.