Financial product aggregator Cermati reportedly secured a Series D funding round worth more than $17 million (approximately 250.3 billion Rupiah). Until this news was published, no confirmation has been given by Cermati's management.
Based on our source, this round is led by MDI Ventures. MDI, through the Centauri Fund, was Cermati's previous investor that participated in Series C in May 2021. Blibli's entity, Global Distribution Niaga Pte Ltd, also participated in the latest round.
Since it was founded in 2015, Cermati has grown to be more than just an aggregator of financial products. Last year, they announced a holding company named Cermati Fintech Group (CFG). This company oversees a number of financial business verticals, including Cermati.com (financial product aggregator), Cermati Protect (insurtech), Indodana (fintech lending), BaaS, and most recently Cermati Invest (APERD mutual funds).
Previously in an interview with DailySocial.id, Cermati's CEO, Andhy Koesnandar said the company's flagship product has succeeded in enriching Cermati's experience in developing digital onboarding products for banking partners, insurance, and other financial institutions.
The company follows banking standardization in the process, for example through API components, Fraud Detection, Credit Scoring, and e-KYC. "This experience provides capital for us to continue to develop new business lines in CFG," Andhy said.
As part of the Djarum Group, the company carries out many strategic partnerships with its portfolio. One of them is for BaaS to partner with BCA Digital and Blibli. This initiative was launched last year, therefore, BCA Digital users can perform banking activities through the Blibli application.
Andhy said the BaaS solution allows his team to expand the financial product offerings, from opening accounts, paylater, insurance, and others on all types of platforms virtually to third parties, therefore, they can have banking capabilities on their non-bank platforms.
"BaaS is the latest technology product offering from the Cermati Fintech Group, where we provide a technology stack to connect banks with digital platforms," he added.
In this case, Cermati developed an embedded finance strategy, opening banking services to be embedded in an application ecosystem that enables super application capabilities through Open API and BaaS capabilities. Cermati's BaaS enables online and offline ecosystems to embed banking services, in addition to insurance and paylater used as service models in its ecosystems.
The presence of financial products can increase fintech users, reduce user friction, and increase loyalty. As for banking, BaaS technology offers a new way to partner with the ecosystem by providing banking services tailored to these customers.
–Original article is in Indonesian, translated by Kristin Siagian