Exclusive: Indonesia’s P2P firm UangTeman likely to raise up to $20m Series B

DW Coffee Shop, Indonesia. Photo by Muhammad Haikal Sjukri on Unsplash

Indonesian peer-to-peer lending platform UangTeman said it is set to raise a Series B financing round by mid-2018, claiming it would be one of the largest such rounds for a fintech firm in Southeast Asia.

In an interaction with DEALSTREETASIA, UangTeman founder and CEO Aidil Zulkifli said that the financing round, expected to be in double-digit millions (US dollars), will be used to fund user growth in Indonesia, research and development, and potential acquisitions of other startups. He declined to offer further details.

While Aidil refused to disclose the amount to be raised, two sources close to the development told this portal that the startup is planning to raise $15-20 million in its Series B round.

UangTeman’s Series A funding came in August 2017 when it closed a $12-million round in debt and equity led by K2 Venture Capital. Hong Kong-based STI Financial GroupDraper Associates and Indonesia’s Alpha JWC Ventures also joined the round.

Aidil said that the firm’s existing investors are set to participate in the Series B round.

The funding for UangTeman comes at a time when Indonesia’s fintech industry is witnessing rapid progress, despite still being in its infancy. According to the Financial Services Authority (OJK), around 30 P2P firms had extended 2.6 trillion rupiah (US$193.8mil) in loans as of January 2018, compared with just 247 billion rupiah by December 2016.

This untapped potential has lured investors to place bets on fintech firms in the country. Recently, fellow P2P firm Invetsree revealed that it was also expecting to close a Series B round of investment this year, having facilitated Rp 623 billion loans in the country and expanding its services abroad to Vietnam.

Aidil said the fintech sector as a whole has a clearer revenue model and time to scale, which makes it more suited for big money investment as compared to other verticals.

“Banks/financial institutions are already convinced that fintech is the way to go for partnerships and collaboration,” he said.

UangTeman, which provides instant short-term microcredit to Indonesian consumers, was one of Indonesia’s digital P2P lending pioneers when it was introduced in April 2015. Since then, the startup claims to have recorded more than 300 per cent growth, claiming non-performing loans (NPL) of below 2 per cent.

Also Read:

Singapore: P2P lender Crowd Genie targets raising up to $31.6m via ICO

Indonesia: K2 VC leads $12m Series A in UangTeman; STI & Draper join round

Indonesia’s P2P startup Investree to raise Series B round, eyes collaboration with banks

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.