Indonesia Digest: Bank Mandiri, Pinhome launch app; Modalku partners BukuWarung

Modalku focuses on financing for smaller businesses. Photo by Bernard Hermant on Unsplash

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.

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.

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.