Akseleran, an SME-focused lending platform in Indonesia, has closed an oversubscribed $8.55 million Series A funding led by Beenext late last year, per a company statement.
Central Capital Ventura (CCV), the corporate VC arm of Bank BCA, Access Ventures, and Agaeti Venture Capital, as well as return backer Ahabe Group participated in the round.
DealStreetAsia reported this development in September last year. The round pegs the valuation of Akseleran at $20-25 million, per the earlier report.
Launched in October 2017, the company began as a fintech startup, implementing an equity crowdfunding business model. It later pivoted to a peer-to-peer lending firm to comply with regulation set by the Indonesian Financial Services Authority (OJK).
“We want to expand and keep improving our service to our users. We have been able to support thousands of SMEs, mostly through invoice and pre-invoice financing facilities, and we will keep developing tailor-made loan products that suit the needs of SMEs,” Akseleran CEO and co-founder Ivan Tambunan said.
Ivan said the investment will be allocated to scale-up the team, invest in technology to improve automation, and also to make a deeper penetration in the market, particularly in the remote, underserved area.
The fintech startup, which connects SMEs with a group of lenders, also runs a mobile application called Auto-Invest, which enables lenders to determine loan criteria for the duration of loan and interest rates.
The startup previously raised $2.5 million in its pre-Series A funding round in early last year from several investors, whose names were not disclosed.
Since its launch, the fintech startup has disbursed more than 1 trillion rupiah ($71.4 million) loan to more than 2,000 SMEs from more than 100,000 registered lenders.
The startup’s non-performing loan rate is less than 1 per cent of the total loan disbursement. The startup said that the loans offered through its platforms are protected by credit insurance through a collaboration with state-owned insurance firm Asuransi ASEI.
The startup also partnered with state-controlled lender Bank Mandiri, Japanese lender Bank Jtrust, local lender BPR Supra, Japanese financial firm Credit Saison, multi finance firms Mandiri Tunas Finance, Radana Finance, and Ciptadana.
Akseleran targets to disburse more than 2 trillion rupiah loans in 2020.
