Indonesia fintech Pendanaan raises Series A from Chinese VC Legend Capital

Legend Capital, a subsidiary of Chinese investment firm Legend Holdings, has led a series A financing round worth “millions of US dollars” in Indonesian fintech startup Pendanaan.co.id, China Money Network reported. No other financial terms were disclosed.

Pendanaan enables qualified borrowers to access affordable and flexible digital credit through mobile devices.

The platform offers two products – Danacepat, an online solution to quick cash loan without collateral, and D-Card – a virtual credit card for high-rating users in the platform’s credit scoring system.

Legend Capital is an early-stage VC firm with a total assets under management of RMB 35 billion. It focuses on innovation and growth enterprises with operations in China or related to China. By 2016, Legend Capital has invested in over 300 companies, of which over 50  are successfully listed on domestic or overseas capital market, besides, around 40 companies achieved exit through M&A.

According to Crunchbase data, Legend Capital’s foray into Indonesia was marked by its participation in Akulaku’s series B funding back in July. Legend Capital co-invested with Shunwei Capital and Qiming Venture Partners – both Chinese investors.

This deal highlights the rising interest of international investors in the online financial services businesses/fintech in Southeast Asia. According to a CB insights report, Southeast Asia saw the greatest number of fintech deals to the region to-date in 2016. For the first time, fintech also attracted more investor interest than e-commerce in the region.

Also Read:

Exclusive: Fintech startup Akulaku bags funding from DCM Ventures, others

Indonesia: Gobi Partners-backed tour operator Tripvisto shuts down

Indonesia: Fintech startup Bareksa to raise funds, in talks with Chinese strategic investors

Fintech funding dips in Q3 but Asia on track to see new highs in 2017

Indonesia: ReWork raises $3m from ATM Capital, Convergence Ventures

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.