Indonesia P2P lending platform Modalku raises $1.2m from Alpha JWC, others

Kelvin Teo and Reynold Wijaya, Founders of Modalku – Photo by Funding Societies

Peer-to-peer lending and funding platforms Modalku, a member of PT Mitrausaha Indonesia Group, has raised $1.2 million from Alpha JWC Ventures and a number of undisclosed foreign venture capital investors. The company has also secured a partnership with PT Bank Sinarmas, which has now become the escrow agent of the P2P lending platform.

Modalku is a direct platform or borrowing market place in Indonesia. It is an alternative business of investment products based on digital, which addresses the needs of small and medium enterprises (SMEs) through fast working capital loans with competitive interest rates.

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