Indonesian P2P lender Akseleran eyes $7.5m Series A funding round

Akseleran team

Indonesian peer-to-peer lending startup Akseleran says it has secured a commitment of around $2 million towards a targeted $7.5-million Series A funding round, which it expects to close in the first quarter of next year.

The early commitment has come from the company’s existing investors, including a New York-based family office and the parent company of local automotive and finance firm Bintraco Dharma, Akseleran co-founder and CEO Ivan Nikolas Tambunan told DEALSTREETASIA.

To raise the remaining funding for the round, the Jakarta-based startup is currently in talks with regional and local VCs, particularly those that have an affiliation with financial institutions or are fintech focused, Tambunan added.

Akseleran is a peer-to-peer lending platform that connects SMEs with a group of lenders. It has a mobile application called Auto-Invest through which lenders can determine loan criteria such as duration of loan and interest rates to cut down the time and hassle of selecting loan proposals from borrowers.

It raised $1.85 million in its pre-Series A funding round at the start of the year and claims to have seen significant growth since then.

“When we raised our pre-series A round back in 1Q 2018, we had only disbursed Rp 30 billion ($2.1 million) loan and had less than 5,000 registered lenders. Today we have disbursed almost Rp 200 billion ($13.8 million) loan, have more than 50,000 registered lenders and also supported by several institutional lenders, including Credit Saison, Andalan Finance, Globalindo Multifinance and IndoSurya,” Tambunan said.

The fresh funding currently being raised, Tambunan said, will help scale the company and will also be used as loan capital as the company looks to considerably increase the number of loans it disburses to the country’s SMEs.

“The big target is to have cumulative loan disbursement of no less than $100m by the end of 2019,” he said.

Founded in early 2017 by Tambunan and two other colleagues, Akseleran started out as a fintech startup employing an equity crowdfunding business model but later pivoted to a peer-to-peer lending model to comply with rules set by the Indonesian Financial Services Authority (OJK).

With around 65 per cent of its 250 million population still categorized as unbanked, Indonesia presents a huge opportunity for peer-to-peer lending startups.

The country’s crowded peer-to-peer space has attracted huge investment interest from venture capital firms. Among the peer-to-peer startups that have raised big money this year are Modalku, Koinworks and Investree.

Also Read:

Indonesian startups Akseleran, Pomona confirm recent funding

Indonesian P2P lender KoinWorks raises $16.5m Series A led by Mandiri Capital

P2P lender Funding Societies raises $25m in Series B round led by SoftBank Korea

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.