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.