Investree bags $23.5m in first tranche of Series C led by BRI Ventures, MUFG unit

Investree co-founder and CEO Adrian Gunadi

Indonesian P2P firm Investree has secured $23.5 million as the first tranche of its Series C funding round led BRI Ventures and MUFG Innovation Partners, the corporate venture arm of Japan’s banking conglomerate MUFG Bank, it announced on Wednesday.

Existing investors, China’s 9F Fintech Holdings Group and Japan’s SBI Holdings, also participated in the Series C round.

The firm previously secured Series B funding from Mandiri Capital Indonesia, Persada Capital, Endeavor Catalyst, and previous backer Kejora Ventures. The financial details of the round were not disclosed.

The funding will be used to accelerate its business in Indonesia, Thailand and the Philippines to support SMEs in the region and to strengthen its working capital.

Investree connects lenders, who want to invest their money to earn returns, to borrowers who seek personal or business loans.

“We are currently in talks for the possibility of [raising the] second tranche fundraising with several investors. We have begun the discussion since earlier this year,” Investree CEO Adrian Gunadi said.

In an interview with DealStreetAsia last month, the firm said it had expanded its operations in the Philippines, Thailand and Vietnam.

It has forged a partnership with the Philippines conglomerate Filinvest Development Corporation in 2019 and set up a joint venture in Thailand early this year with undisclosed local partners. The firm also purchased a minority stake in Lippo-backed e-procurement startup Mbiz in December last year.

In 2018, the company expanded its operations in Vietnam by purchasing a 10 per cent stake in local fintech firm eLoan. However, subsequently, its plan to acquire another fintech firm or increase its stake in eLoan has been delayed as it awaits regulatory clarity.

“We are in the process of securing a fintech license in the second quarter for the Philippines. As for Thailand, we are actually in the final stage of submission to the regulator. We are also finalizing to partner with global payment platform 2C2P,” Gunadi added.

The company reportedly has 1,239 borrowers and 8,574 lenders on its platform. It also claims to hold a 30 per cent market share in Indonesia.

In early April, Investree recorded a total loan of Rp 5.11 trillion ($313.74 million) and a disbursed loan of around Rp 3.83 trillion ($235.57 million).

The number of fintech startups has mushroomed in Indonesia over the past few years, which include prominent names in SMEs lending such as Modalku, Amartha, and Koinworks. Of these, only Investree and Modalku so far have a presence beyond Indonesia.

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.