Modalku co-founder Iwan Kurniawan steps down

Modalku co-founder Iwan Kurniawan steps down

Funding Societies co-founder and COO Iwan Kurniawan at DealStreetAsia's Indonesia PE-VC Summit 2023.

Iwan Kurniawan, co-founder of Indonesian peer-to-peer lending platform Modalku, has quit the firm to ‘take a career break’, according to his Linkedin post.

Although he officially stepped down in June 2023, Kurniawan remained actively involved as a board member and advisor until October the same year.

Kurniawan played a pivotal role in Modalku’s entry into Thailand, overseeing mergers and acquisitions, and strategically investing in payments, banking, and Software as a Service (SaaS).

During his tenure, Modalku and Funding Societies facilitated $3 billion in financing, supporting the growth of 90,000 small and medium-sized enterprises (SMEs) across Southeast Asia.

Kurniawan also sat on the board of Asosiasi FinTech Indonesia and currently acts as a fellow for Owl Ventures.

Modalku was founded in 2015 by Kurniawan, Kelvin Teo, and Reynold Wijaya. The company runs under the Modalku name in Indonesia and under the Funding Societies brand in Singapore, Malaysia, Thailand, and Vietnam.

It offers microloans from $500 to $1.5 million that can be disbursed within 24 hours, which is suitable for small businesses looking to manage their cash flow.

In November last year, Funding Societies bagged $7.5 million in debt financing from Norfund, the Norwegian Investment Fund for developing countries. The deal marked Norfund’s first debt transaction with a fintech lender.

In Indonesia, Modalku’s total loans reached more than 5.17 million as of January 2024, and its total crowdfunding reached 55.4 trillion rupiah [$3.56 billion], while in Malaysia, crowdfunded financing stands at 16.47 billion ringgit ($3.5 billion).

Edited by: Joymitra Rai

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