Indonesia-based Cermati has raised an undisclosed Series C funding while Modal Rakyat has secured an investment from Fazz Financial Group.
Indonesia’s fintech Cermati closes Series C led by MDI Venture
Indonesia-based Cermati Fintech Group on Wednesday announced that it has raised an undisclosed Series C funding led by MDI Venture, the corporate venture capital firm of Telkom Indonesia.
MDI-KB’s Centauri Fund and existing shareholder Djarum Group, through Central Capital Ventura, participated in the round.
The announcement confirms a DealStreetAsia’s report on Cermati being close to raising $30 million in its Series C round from MDI Venture and others.
The startup intends to use the proceeds to expand the team, bolster its product and technology offerings, strengthen the partnership and product distribution.
Founded in 2015, Cermati started as a marketplace for financial products such as consumer loans, credit cards, personal loans, among others.
Cermati co-founder and CEO Andhy Koesnandar said: “We look forward to capitalising on MDI’s strong network throughout Telkom, Telkomsel and state-owned enterprise assets to enhance our product capability and assets. This investment and synergy will accelerate our vision in leveraging technology to help achieve financial inclusion.”
Modal Rakyat secures OJK licence, funding from Fazz Financial
Peer-to-peer lending platform Modal Rakyat has obtained an undisclosed investment from Fazz Financial Group, the joint entity formed by fintech startup Payfazz and gateway startup payment from Singapore Xfers.
Modal Rakyat has also achieved a licence from the Financial Services Authority (OJK). Modal Rakyat managing director Hendoko Kwik said the OJK permit was a strategic step for the company to develop products and expand its lending reach to MSMEs.
Since 2018, People’s Capital and Payfazz have developed a microloan product called Modal Mikro aimed at members of the Payfazz ecosystem.
Currently, Modal Rakyat claims to have 12,000 active lenders, mostly from Java. The firm is also supported by institutional lenders such as Bank BRI and BRI Agro.