Boosting financial inclusion: Early Stage

Meet Indonesian fintech startups that share the goal of providing financial services for everyone in the country.

Photo by Josh Appel on Unsplash

With its massive unbanked population and high mobile internet penetration, Indonesia is undeniably a red hot market for fintech platforms. According to the country’s financial authority (OJK), there were 127 registered and licensed fintech platforms as of August 2019, and the number is likely to grow.

The booming fintech industry has driven more Indonesian financial institutions and banking team-ups with local fintech companies. Earlier this year, one of the largest banking institutions in the country, Bank Central Asia (BCA), collaborated with Google-backed accelerator Digitaraya to launch Synrgy, a fintech startup accelerator program that aims to cultivate growth and innovation in the digital industry, especially in the financial technology segment.

During the program, eight selected startups are provided with tailored mentoring sessions, as well as access to Digitaraya and Google’s global networks, local investors, corporate partnerships opportunities, and connections with relevant regulators.

For this week’s “Early Stage,” KrASIA takes a look at four fintech startups out of eight selected companies that took part in the Synrgy program. They all made pitches to potential investors during the accelerator’s recent demo day in Jakarta.

Photo via Shutterstock.

Crowde is an agriculture-focused fintech startup that empowers farmers across Indonesia by connecting them with potential investors. It also educates farmers about technology and financial management so they can build a sustainable agricultural network, including a community integration program for farmers that includes giving them training on agriculture and technology, financial management and other useful skills. According to its official website, Crowde currently has disbursed IDR 81 billion (USD 5.7 million) collected from more than 31,000 investors to over 17,000 farmers across the country. Earlier this week, the startup reportedly bagged a USD 1 million investment from Mandiri Capital.

Bizhare is an equity crowdfunding platform for franchise businesses. Founded in 2017, Bizhare’s funding comes from individual and retail investors with a minimum investment of IDR 5 million. The startup has around 14,000 investors so far and it aims to fund 80 businesses by the end of this year.

Amalan is an online debt management solution that helps people who are having trouble with repaying their loans. It mediates between disagreements between borrowers and lenders by generating a restructuring plan to reduce the debt balance and bring monthly installments to an affordable level. The company was founded in 2014 and has expanded into Malaysia earlier this year.

IndoGold allows users to invest in gold easily, beginning at a minimum purchase of 0.001 grams of gold or a weight equivalent to IDR 600 (USD 0.04). Aside from its website and mobile app, users can access IndoGold’s services via several marketplace platforms like Tokopedia, Bukalapak, Lazada, Blibli, and others.

“Early Stage” is a series where the writers of KrASIA highlight startups that caught our eye for the week.