UangTeman, an Indonesian firm offering online loans of up to USD 350, recently announced it has secured USD 12 million in Series A funding from Thailand’s K2 Venture Capital, US-based Draper Associates, Indonesia’s Alpha JWC Ventures, Malaysian angel investor Terrence Teong Chee Hooi and multiple unidentified local investors. Hong Kong-based STI Financial Group also lent the firm an undisclosed amount. UangTeman plans to invest a portion of the funding in research and development offices in India and Singapore with the remainder to be utilized to expand its lending operations.
UangTeman provides unsecured 30-day consumer loans to “underbanked Indonesians.” It was founded in 2015 and is certified as an official financial technology lender by Otoritas Jasa Keuangan (OJK), Indonesia’s financial regulatory body. While financial data on the firm are not available, UangTeman reported annual growth of 300 percent with loan write-off rate of 2 percent as of 2016.
By Jacob O’Driscoll, Research Associate
Sources and Additional Information
UangTeman raises US$12mil oversubscribed Series A round
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