Indonesia’s student loan platform Danacita secures $5m in Series A round

Jakarta-based student loan platform Danacita, a subsidiary of ErudiFi, has secured $5 million in its Series A round led by Monk’s Hill Ventures and Qualgro, according to a company announcement.

With the new funding, Danacita is targeting to increase its education financing service and reach more students in Indonesia through partnerships with educational institutions. To date, Danacita has partnered with several universities and vocational schools in Indonesia, including President University, Universities Tarumanegara, IT PLN, and Wall Street English.

Danacita director Alfonsus Wibowo said the demand for higher education is increasing annually as  Indonesia has entered the Industry 4.0 era. Unfortunately, almost two-third of Indonesian students are unable to continue education due to a lack of financing in education sector.

“Our benchmark is how we can expand the education access for more students in Indonesia to build a better future,” Wibowo said.

Currently, Danacita has recorded a three-fold growth in terms of financing to students in 2020. With the monthly settlement system, Danacita aims to facilitate education financing for more students.

Danacita is also planning to launch a service to help school partners track spending and also help with retention, which is seen as a major challenge in the country where 10-15% of total students drop out.

Singapore Reporter/s

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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. 
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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.