Indonesia’s fintech panorama is booming. Over the previous decade, the variety of fintech gamers in Indonesia elevated six-fold, rising from simply 51 lively gamers in 2011 to 334 in 2022, a 2023 report by AC Ventures and the Boston Consulting Group exhibits, highlighting Indonesia’s fintech buyers rising curiosity within the section
Variety of Indonesian fintech corporations by section, Supply: Indonesia’s Fintech Trade is Able to Rise, AC Ventures/BCG Group, March 2023
This progress has emerged on the again of elevated adoption of digital monetary providers. In keeping with the report, the Indonesian fee section counted over 60 million lively customers in 2020, and that quantity is predicted to develop at a price of 26% yearly between 2020 and 2025.
Within the lending house, the variety of peer-to-peer (P2P) borrower accounts reached 30 million in 2021, rising at a compound annual progress price (CAGR) of fifty% between 2018 and 2022. Complete mortgage disbursement totaled US$17 billion in 2022, representing an annual progress price of 140% between 2018 and 2022.
Within the wealth vertical, the entire variety of buyers within the Indonesian capital market elevated 37.5% year-over-year, reaching 10.3 million buyers in December 2022 from 7.48 million buyers on the finish of December 2021, in keeping with knowledge from Kustodian Sentral Efek Indonesia (KSEI), a central securities depository within the Indonesian capital market, present.
Buyer penetration for funds, lending, and wealth in Indonesia, Supply: Indonesia’s Fintech Trade is Able to Rise, AC Ventures/BCG Group, March 2023
Progress within the Indonesian fintech market is projected to hold on transferring ahead. In keeping with a 2019 analysis report by Bain and Firm in collaboration with Google and Temasek, digital monetary providers revenues in Indonesia are projected to succeed in US$8.6 billion by 2025, rising at a CAGR of 34% between 2019 and 2025.
Utilizing knowledge from Tech in Asia, we’ve pinpointed the distinguished fintech buyers in Indonesia, showcasing essentially the most lively buyers within the nation’s fintech sector and exploring the startups they’re supporting.
AC Ventures
AC Ventures, primarily based in Indonesia, is a distinguished early-stage expertise enterprise fund identified for its substantial help of Indonesian startups, notably within the fintech sector.
AC Ventures was fashioned by the merger of main VC companies Agaeti Enterprise Capital and Convergence Ventures and its mission is to accomplice and and help entrepreneurs, offering not simply capital but in addition operational expertise, trade data, and a deep native community.
The agency invests in early-stage, high-growth Indonesian startups and helps them develop into world-class corporations. Its skilled, tech-focused funding workforce makes a speciality of client companies, business-to-business (B2B), digital media, fintech, and small and medium-sized enterprise (SME) industries.
With property below administration (AUM) exceeding US$500 million and over 120 investments, AC Ventures has considerably impacted the market, making a market cap of US$7 billion.
Over the previous 24 months, AC Ventures has participated in 20 offers, making it the third most lively investor within the Indonesian startup scene for the interval, in keeping with Tech in Asia. The agency counts 20 Indonesian fintech corporations in its portfolio, together with open finance startup Finantier, crypto funding app Nobi, SME finance platform Fazz, and SME banking platform KoinWorks.
East Ventures
East Ventures, headquartered in Indonesia, is a pioneering and main sector-agnostic enterprise capital agency. Based in 2009, East Ventures has developed right into a complete platform providing multi-stage investments, starting from Seed to Progress levels, for over 300 tech corporations throughout Southeast Asia.
As an early supporter of the Indonesian startup ecosystem, East Ventures was the primary investor in native unicorn corporations Tokopedia and Traveloka. The agency’s portfolio additionally contains different notable corporations comparable to Ruangguru, Sirclo, Kudo (acquired by Seize), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.
Prior to now 24 months alone, East Ventures has participated in a staggering 84 offers, making it essentially the most lively investor within the Indonesian startup scene for the interval, in keeping with Tech in Asia. Its portfolio contains 16 Indonesian fintech startups, together with on-line lending platform Julo, inventory investing app Stockbit, and earned wage entry startup Wagely.
Mandiri Capital Indonesia
Mandiri Capital Indonesia (MCI), primarily based in Indonesia, is a company enterprise capital (CVC) agency operated by the nation’s largest monetary establishment, Financial institution Mandiri.
MCI acts as a bridge between the Mandiri Group and startups, fostering innovation and synergy initiatives. MCI is devoted to forming strategic partnerships to speed up innovation inside Indonesia’s digital ecosystem. Moreover, it invests in startups that align with and synergize with the Mandiri Group’s innovation aims.
Since its inception in 2015, MCI has facilitated investments and cultivated partnerships between its portfolio and the Mandiri Group. At the moment, MCI have a number of funds together with: Steadiness Sheet Fund, Merah Putih Fund, and Indonesia Impression Fund.
Notable corporations in MCI’s present portfolio embrace AgriAku, Amartha, Ayoconnect, Cakap, Greenhope, iSeller, Kecilin, Privy, PTEN, Qoala, Sinbad, and Yokke. Moreover, MCI champions startups through premier applications comparable to Xponent for collaboration and Zenith for acceleration.
Over the previous 24 months, MCI has participated in 11 offers, with latest investments together with FishLog, Ayoconnect, Delos, and Kecilin, in keeping with Tech in Asia. Its portfolio contains 11 Indonesian fintech startups, together with micro finance market Amartha, utility programming interface (API) platform Ayoconnect, peer-to-peer (P2P) lender Investree and digital pockets LinkAja.
Antler
Antler, headquartered in Singapore, is a distinguished world investor devoted to supporting the world’s most pushed founders from the very starting of their entrepreneurial journeys. Antler’s world group of builders, buyers, operators, specialists, and accomplice organizations backs folks from the very begin of their founder journey—pre-team and even pre-idea.
Based on the precept that innovation is essential to constructing a greater future, Antler companions with distinctive founders throughout six continents to launch and scale startups addressing vital alternatives and challenges. Antler’s perception within the potential of people from various backgrounds is mirrored in its intensive community of places of work in 30 cities worldwide, together with main hubs comparable to Austin, New York, London, Berlin, Stockholm, Bangalore, Jakarta, Singapore, Seoul, Tokyo, and Sydney.
Since 2018, Antler has helped create and invested in additional than 1,000+ startups throughout a variety of industries and applied sciences, with the objective of backing greater than 6,000 by 2030.
Over the previous 24 months, Antler has made 53 offers, making it the second most lively investor within the Indonesian startup scene for the interval, in keeping with Tech in Asia. Current investments embrace Academix (Gapai), Yobo, AssetFindr, and Sprint Electrical, in keeping with Tech in Asia. Antler at present has 9 Indonesian fintech startups in its portfolio, together with SME fee and monetary options ArkoPay, on the spot refund and return platform Refundway, and SME credit score startup Tumbuh.
Dwelling Lab Ventures
Dwelling Lab Ventures (LLV), primarily based in Indonesia, is the CVC arm of Sinar Mas Land, targeted on supporting impactful and scalable companies throughout Southeast Asia. The agency invests in global-minded entrepreneurs constructing high-impact corporations, leveraging its experience, help providers, and ecosystem to facilitate progress. The agency’s sector-agnostic strategy targets markets the place expertise, innovation, and capital can unlock long-term worth and drive financial progress.
LLV operates on three predominant pillars: funding, incubation, and enterprise constructing. The agency offers funding for game-changing startups which were deemed to have excessive progress potential. By way of its incubation program, Dwelling Lab X, LLV offers collaborative help to early-stage startups, serving to them succeed from their infancy. In enterprise constructing, LLV transforms new enterprise initiatives into fast-growing merchandise that help its core enterprise operations.
Prior to now 24 months, LLV has participated in 18 offers, together with investments in Jendela360, Amoda, DOOgether, Imajin, and Lingkup. The agency has 4 Indonesia fintech startups in its portfolio, specifically digital monetary service Dana, digital mortgage aggregator Ideally suited, invoicing startup Paper.id and provide chain financing answer supplier Kawan Cicil.
Iterative
Iterative, primarily based in Singapore, is a devoted accelerator focusing completely on Southeast Asia. Based by the cofounders of Resolve.com (acquired by eBay), Iterative differentiates itself with companions, mentors, advisors, and buyers who’ve all beforehand began, offered, and operated startups. Iterative’s mission is to construct the strongest and most supportive community within the area for early stage founders.
Iterative invests US$150,000 – US$500,000 in a batch of startups and runs the accelerator twice a yr. Upon admission, they make investments the complete quantity then work with the founders intently on their concept for 3 months. After three months, these startups current their options to a choose group of buyers with the objective of elevating a bigger spherical of funding.
Iterative’s acceleration program focuses on three predominant actions: investing in early-stage startups, working intently with founders on their enterprise improvement, and aiding founders with investor relations. That is facilitated by a mix of workplace hours with Iterative companions, small group classes, speaker occasions, a fundraising boot camp, and a demo day attended by over 400 buyers.
Over the previous 24 months, Iterative has participated in 18 offers, together with investments in Blitz Electrical, Momofin, Manuport, Ars, and Zi.Care, in keeping with Tech in Asia. Its portfolio contains 4 Indonesian fintech startups in its portfolio, together with synthetic intelligence (AI) startup firm Finskor, fractional property market Goro, and digital financing agent platform Kentara.
Intudo Ventures
Based in 2017, Intudo Ventures is a VC agency that invests completely in Indonesia. Backed by Silicon Valley experience and a longtime community of skilled world establishments and Indonesian household conglomerates, Intudo has a demonstrated report of efficiently making extremely concentrated bets in Indonesia.
This strategy is supported by our hyper-local familiarity and functionality to offer help in Indonesia, which in flip has positioned Intudo as a trusted gateway to Indonesia for world buyers. The agency acts because the “Indonesia beachhead” technique for dozens of main establishments, VCs, personal fairness (PE), hedge funds, and household places of work from the US, North Asia, and Southeast Asia and helps the digital transformation technique of dozens of main Indonesian conglomerates.
Over the previous 24 months, Intudo has made 12 offers, with latest investments together with Jago Espresso, Jala, Alami Sharia, Slice Group, and Coldspace, in keeping with Tech in Asia. It has 4 fintech startups in its portfolio, specifically crypto alternate Pintu, fee gateway and unicorn startup Xendit, property transaction platform Pinhome, and Islamic cell banking app Hijra Financial institution.
MDI Ventures
MDI Ventures, headquartered in Jakarta, is a multi-stage VC agency backed by Telkom Indonesia with places of work in Indonesia, Singapore, and the US, and prolonged places of work in Europe and South Korea. Since 2016, MDI Ventures has been trusted in managing a number of funds and has invested in over 80+ corporations throughout 12 international locations.
MDI Ventures manages a wide range of funds, contributing to all levels of funding to keep up effectivity and guarantee no alternatives are missed. Past managing its personal funds, MDI Ventures additionally handles investments from third-party restricted accomplice (LP) buyers. This distinctive strategy permits MDI Ventures to create new enterprise alternatives and income streams by collaborations between the startups it invests in and its anchor LP buyers, which embrace main Indonesian companies comparable to Telkom and different state-owned enterprises.
MDI Ventures can also be mandated to handle incubator and accelerator applications, in addition to an angel funding community. The initiatives are supposed to seize good alternatives as early as attainable, and likewise contribute to constructing the rising Indonesian startup ecosystem.
Over the previous 24 months, MDI Ventures has participated in 12 offers, together with investments in corporations comparable to Cakap, Good Physician Know-how, Delos, Genexyz, and Legit Group, in keeping with Tech in Asia. The agency has 17 fintech and insurtech startups in its portfolio, together with Indonesian startups omnichannel insurtech Qoala, digital signature app Privy, Amartha and Fazz.
Featured picture credit score: edited from freepik
