Indonesian lending platform Uang Teman makes first close of USD 10 million Series B round

Uang Teman is set to acquire another P2P lending platform and expand into the Philippines.

Photo by Demity Demidko via Unsplash

Indonesia-based P2P lending platform Uang Teman made the first close of its ongoing Series B financing round led by Draper Associates with the participation of new investors including KDDI Open Innovation Fund and Global Brain Corporation from Japan, according to an official statement.

That means Uang Teman has yet to finalize the second round of its fundraising goal . The online lender plans to raise a total of USD 10 million in its Series B round by October this year, and it says the second half will be “anchored” by Spiral Ventures.

In addition, the company is also currently raising capital through debt financing, the statement said.

Founded by Aidil Zulkifli, Uang Teman provides short-term microcredit to Indonesian consumers. The startup just obtained a permanent license from the country’s financial authority (OJK) earlier this month. Uang Teman was one of the pioneers in Indonesia’s online lending space, and just like many other startups in this sector, it faced tight regulatory scrutiny.

With the permanent license and fresh capital, Uang Teman plans to double its growth. It will acquire another P2P lending platform with core business in invoice financing and payroll lending in September 2019, in order to diversify its lending book, according to the statement.

Moreover, the company wants to start regional expansion this year, starting with the Phillippines. Uang Teman is currently in the process of obtaining a license to operate there. Uang Teman said it will commence its Series C financing round in 2020.