Indonesian fintech AwanTunai bags $4.3m Series A led by Insignia, AMTD

By Ardi Wirdana

November 12, 2018

Indonesian fintech startup AwanTunai has announced the closing of its $4.3-million Series A funding round led by Insignia Venture Partners and AMTD Group.

AwanTunai is registered as a P2P lending company with the Indonesia’s Financial Services Authority (OJK).

The round was joined by Global Brain, Fenox Venture Capital, and other affiliates, the company said, in an official release.

Founded by Dino Setiawan, Windy Natriavi and Rama Notowidigdo, AwanTunai is a point of sale financing solution aimed at digitising Indonesia’s vast cash economy.

The company builds digital distribution to thousands of micro-retail merchants who can then access working capital as well as accept payment from AwanTunai consumer credit.

At the same time, the company also offers Indonesian banks and multi-finance companies the ability to reach customers not covered by their branch networks.

As of October 2018, AwanTunai, which is currently a participant in the Paypal Singapore Incubator Program, claims to have served 300,000 loan applications. In the fourth quarter of this year, AwanTunai targets to provide working capital loans to 5,000 micro-merchants.

The company said the fresh funds will be used to expand its merchant acceptance network, improve its engineering and data analytics capabilities and expanding its on-the-ground risk management capabilities.

Commenting on the investment in AwanTunai, Insignia Ventures Partners managing partner Yinglan Tan said: “We firmly believe the future of financial services lies with digital banks. Our investment in AwanTunai reflects their ability to be an enabler of incumbent banks to adopt the technologies necessary to deploy digital banking products.”

The Indonesian online P2P lending space has seen marked deal activity this year, with the closing of huge funding rounds such as the $25 million Series A raised by Modalku (Funding Societies) and $30 million Series B secured by Kredivo.

Recently, Southeast Asian fintech startup Akulaku completed the biggest fundraise by an Indonesia-focused fintech firm, when it secured a $70-million Series C funding round led by Chinese financial technology company FinUp last month.

Also Read:

Indonesia fintech Pendanaan raises Series A from Chinese VC Legend Capital

Exclusive: Indonesia P2P lending startup Investree to raise Series A from Kejora

Southeast Asian fintech firm Akulaku raises $70m in Series C round

Singapore Reporter/s

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  • 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. 
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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.
APPLY NOW