BRI Ventures Contributes in Modalku's Series C Funding

BRI Ventures agrees to invest in Modalku's fintech lending company, Funding Societies. This is to be discussed directly by Modalku Co-Founder & CEO Reynold Wijaya. He mentioned to DailySocial, inviting BRI Ventures is part of the Modalku C series which was posted last April 2020.

"It is expected that we have announced that the Modalku group has raised commitments for the series C funding worth of US$ 40 million (or around 625 billion Rupiah) from the current investors and undisclosed investors. The fund with BRI Ventures contribution is part of our series C," said Reynold.

This fresh fund will be increased by Modalku to realize the vision of increasing financial inclusion in Southeast Asia, as well as enhancing a positive vision for growth in Indonesia. Especially in the future of this pandemic, asking for this will support the company's strategy to support SMEs to continue to grow and survive. In addition, Modalku is tocontinue innovation in providing new products.

"The company also has a target to be able to support more SMEs in various sectors and regions. However, our main focus now is to support SMEs whose business is increasing this pandemic. Supporting our main strategy now is better to promote restructuring."

Pandemic effect

Pandemic made several technology startups do business operational efficiency, some of which even layoff to pivot business models. Meanwhile Reynold stressed, so far Modalku did not do that, including laying off employees. The wave of pandemic that occurred forced Modalku to make various internal and external anticipatory measures.

From the internal side, the company also conducts streamline operations to improve efficiency so that operational processes are simpler. According to Reynold, in these conditions, it is important for companies to stabilize the company's pace and continue to grow in a healthy manner. Therefore, he was reluctant to call this a layoff.

–Original article is in Indonesian, translated by Kristin Siagian