Indonesia Digest: IDX Commissioner Pandu Sjahrir backs EmTrade; BCA injects $191m in digital arm; CROWDE raises $9m

Indonesia Stock Exchange Commissioner Pandu Sjahrir has invested in a local edtech platform EmTrade while Bank Central Asia has injected $191 million into its subsidiary. Also, lending startup CROWDE has raised nearly $9 million in its latest round.

IDX Commissioner Pandu Sjahrir invests in EmTrade

Indonesian Stock Exchange (IDX) Commissioner Pandu Sjahrir has invested in Emtrade to enable the local edtech platform to develop and expand retail investor education in the country.

As a minority shareholder in Emtrade, Sjahrir will also act as the advisor to the platform that was set up in 2019 by Ellen May, an active and well-known local trader with experience in the capital market for 14 years.

The startup will use the funding for technology development, expansion of user base and transitioning the business model from edtech to fintech. “We will also increase our user base to encourage inclusion in the capital market,” May said.

Commenting on the investment, Pandu Sjahrir said: “I hope this strategic collaboration can strengthen and expand education for capital market investors in Indonesia. This needs to be done to increase the number of retail investors and also improve risk awareness.”

The number of capital market investors in Indonesia has reached over 6.28 million as of September 2021, according to data from KSEI, a body that operates depositories and settlements. Nearly 80% of the investors belong to the sub-40 age group.

BCA injects $191m into its digital arm

Bank Central Asia (BCA), Indonesia’s biggest lender by market capitalisation, has injected Rp2.7 trillion ($190.8 million) into its subsidiary BCA Digital, an executive said on Thursday.

The additional funds bring BCA Digital’s capital to Rp4 trillion, BCA executive vice president Hera F. Haryn said at a press conference on Thursday. With this capital injection, the unit will meet the regulatory requirement of Rp3 trillion by the end of 2022.

“With stronger capital, BCA Digital aims to expand its digital ecosystem,” the lender said in a separate statement.

BCA reported a 15.8% annual increase in net profit for the first nine months of 2021 to Rp23.3 trillion on the back of lower operating costs and lower loan provisioning expenses.

CROWDE raises $9m in Series B round

CROWDE, an Indonesian agritech startup that focuses on peer-to-peer (P2P) lending, has closed a $9-million Series B funding led by Singapore-based venture capital firm Monk’s Hill Ventures.

CROWDE deputy CEO Hartanto Sulim and Mandiri Capital Indonesia CEO Eddi Danusaputro confirmed the funding.

The funding was also joined by an existing investor, Mandiri Capital Indonesia, and PT Great Giant Pineapple, a subsidiary of an Indonesian conglomerate Gunung Sewu Group.

Monk’s Hill and Gunung Sewu Group did not respond to queries for comment.

DealStreetAsia had reported in September that the company was close to concluding a $7 million Series A round led by Monk’s Hill.

Eddi Danusaputro told DealStreetAsia that the company has backed CROWDE since Series A, making the latest participation as a “follow-on” funding.

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.