Indonesian fintech startup AwanTunai announces $4.3m Series A led by Insignia

Indonesia fintech startup AwanTunia announced on Monday raising US$4.3 million series A round led by Insignia Ventures Partners and AMTD Group, with participation from Global Brains and Fenox Venture

Indonesia fintech startup AwanTunia announced on Monday raising US$4.3 million series A round led by Insignia Ventures Partners and AMTD Group, with participation from Global Brains and Fenox Venture Capital among others.

Founded in early 2017 by Dino Setiawan, Windy Natriavi and Rama Notowidigdo, AwanTunai claims to provide easy (mobile-based), affordable (low interest rate), and safe (OJK-regulated) personal financing to Indonesia’s mass market, be it a small shop owner in urgent need of working capital, or an individual consumer looking for a small loan.

Using its service to apply for a loan is quite hassle-free. According to instructions on its website, one just needs to download its app from Google Play store, file in a mobile-based application with national ID and a selfie photo attached, and then wait for up to 15 minutes for the application result. Credit approved could be used to purchase items directly from AwanTunai’s offline merchant partners network.

There are now 73 officially registered P2P lending platforms in Indonesia and AwanTunai is one of them. The company also claims that as of October 2018, it has processed 300,000 loan applications.

Editor: Ben Jiang