Indonesian accounting app for small enterprises Bukuwarung has been selected for Y Combinator’s summer batch while eight fintech lending startups have secured licences from the Financial Services Authority (OJK).
BukuWarung joins Y Combinator programme
Indonesian accounting app for small enterprises BukuWarung has been selected for the summer batch of Silicon Valley venture builder Y Combinator’s programme, according to people close to the development.
The startup is said to have bagged funding from the venture builder. The company has not confirmed the development to DealStreetAsia.
We have also learnt that the startup is in talks to raise $5-10 million in its Series A round, according to sources.
BukuWarung had raised an undisclosed sum in its seed funding round led by East Ventures, AC Ventures, Golden Gate Ventures and Tanglin Venture Partners. Indonesian tycoon Michael Sampoerna had also joined the round with strategic angel investors from Grab, Gojek, Flipkart, PayPal, Xendit, Rapyd, Alterra, ZEN Rooms and others.
BukuWarung claims that millions of credit and cash transactions have been recorded on its app by over 250,000 MSMEs across more than 500 cities and small towns in Indonesia.
Eight fintech lending firms secure OJK licence
Indonesian fintech startups Pinjam Modal, Taralite, Danarupiah, Pinjamwinwin, Julo, Indodana, Awantunai, and Alami have secured licences from the Financial Services Authority (OJK), the Indonesian Fintech Lenders Association (AFPI) announced on Tuesday.
AFPI chairman Adrian Gunadi, who also served as Investree CEO, said that the total number of fintech firms who have secured licences for lending operations now amounted to 33.
AFPI has 161 fintech lending members under the association. Other fintech lenders that secured OJK licence include Investree, KoinWorks and Modalku.