AwanTunai, a Jakarta-based fintech startup, has raised about $11.2 million in a fresh funding round backed by existing investor Insignia Ventures Partners, according to regulatory filings accessed by DealStreetAsia – DATA VANTAGE.
BRI Ventures, the corporate venture capital arm of Bank Rakyat Indonesia, invested $2.6 million in the round, while US-based growth-stage investor Atlas Pacific Capital pumped in $2.5 million.
Other participating investors included OCBC NISP Ventura, which injected $1.6 million, Benchmark Group, Japanese VC Global Brain, Dubai-based Battery Road Digital and Five Stones Investment Group.
Following the transaction, Atlas Pacific Capital founder and managing partner Jehong Park has joined AwanTunai’s board of directors.
Founded in 2017 by former Silicon Valley, fintech, and ex-Gojek executives Dino Setiawan, Windy Natriavi, and Rama Notowidigdo, AwanTunai is a point of sale financing solution aimed at digitising Indonesia’s vast cash economy.
The startup offers digital services, including affordable inventory purchase financing, integrated online ordering, and inventory management, to wholesalers and micro-merchants.
Including the latest round, AwanTunai has so far raised about $15.45 million in equity funding. It raised $4.3 million in its Series A funding round in November 2018, led by Insignia Venture Partners and AMTD Group. The round was also joined by Global Brain and Pegagus Tech Ventures.
It also secured a $20 million debt facility led by investor Accial Capital last year. The company is now valued at about $35 million, according to DATA VANTAGE.
Indonesia has about 60 million micro-merchants that rely on cash for doing business. Due to a lack of data for formal credit underwriting and market fragmentation, these businesses are often unable to secure financing from traditional channels.
“Our vision is affordable financing for the millions of underserved micro businesses that employ 90% of Indonesia’s workforce… Low-cost institutional capital accessing Indonesia’s vast unbanked and underbanked market is the way to achieve impact at scale,” AwanTunai CEO Dino Setiawan had earlier said.
With a full permanent fintech licence from Indonesia’s OJK, AwanTunai works with regional financial institutions including UOB, OCBC, and JTrust.
Other Indonesian fintech startups that have recently raised funding include Digital Payments Holdings, the company that operates OY! Indonesia, which raised $44.47 million in its Series A funding in July.
Ayoconnect, an Indonesian financial API developer, raised an additional $5 million in pre-Series B funding in July.