Bank Mandiri, in collaboration with property startup Pinhome, has launched a property listing app called RIKu, while P2P lender Modalku joined hands with accounting app BukuWarung to provide loans to the latter’s users.
Bank Mandiri, Pinhome launch property listing app
Bank Mandiri, one of the biggest lenders by assets in Indonesia, has teamed up with property startup Pinhome to launch a property listing application called Rumah Idamanku (RIKu) as part of efforts to ease access for potential property buyers and boost mortgage lending amid a tepid market.
As many Indonesians are stuck at home due to the pandemic, RIku allows users to find properties, book a visit, as well as apply for a mortgage from their phone.
Listings, which consist of apartment units, houses, and commercial units, are provided by Pinhome and Mandiri’s property brokerage partners.
Bank Mandiri hopes the new app will boost its mortgage lending to 45 trillion rupiah ($3.2 billion) by end-2021, the lender said in a statement.
Pinhome was founded in 2019 by former Gojek executives Dayu Dara Permata and Ahmed Aljunied, the company’s website said.
Modalku partners BukuWarung to provide loans to MSMEs
Indonesian P2P lender Modalku has joined forces with accounting app BukuWarung to provide loans to 6.5 million BukuWarung users.
BukuWarung users comprise micro, small, and medium enterprises (MSMEs) with limited access to financial services. Through this cooperation, BukuWarung users can apply for loans of up to Rp100 million without collateral for up to 30 days.
Modalku, formally known as PT Mitrausaha Indonesia Grup, was founded in 2016. The company raised $40 million in a Series C round from undisclosed investors in 2020. Modalku had secured $25 million in Series B funding in 2018 from SoftBank Ventures Korea, Sequoia India, Alpha JWC Ventures, and Golden Gate Ventures.
BukuWarung had raised $60 million in its Series A round led by US-based VC firms Valar Ventures and Goodwater Capital this year. BukuWarung intended to use the fresh capital, which brings its total funding to $80 million, to improve its technology and product capabilities across its core accounting, digital payments, and commerce products.