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Indonesian lending platform Akseleran lands USD 8.5 million in Series A

The funding will be used to hire staff, invest in technology and expand market penetration in .

Indonesian lending platform Akseleran announced on Wednesday it closed a USD 8.55 million Series A funding round, led by venture capital firm Beenext.

Established in 2017, the peer-to-peer lending firm has facilitated more than IDR 1 trillion (USD 1.4 million) in loans to more than 2,000 enterprises from more than 100,000 registered lenders. It aims to disburse at least IDR 2 trillion (USD 2.8 million) in 2020.

Others investors in this round include Indonesia’s Bank Central Asia, Central Capital Ventura, Access Venture, Agaeti Venture Capital and Ahabe Group, a local conglomerate and existing investor.

Akseleran provides loans to small and medium enterprises in Indonesia, a segment ripe for loan services, mostly through invoice and pre-invoice financing.

“In Indonesia, the majority of SMEs are still underserved by conventional lending providers,” said Teruhide Sato, founder and managing partner of Beenext. “Without access to financial services, these SMEs are excluded from growth and its benefits.”

Ivan Tambunan, CEO and co-founder of Akseleran, said the funding will be used to increase staff, invest in platform development, and gain penetration in the Indonesian market.

“We will keep developing tailor-made loan products that suit the needs of SMEs,” he said. “We also want to give everyone more access to lend to, and support, SMEs and get a higher return on investment through a safe and efficient platform.”