Fintech lending startup AwanTunai is officially launched in Indonesia. AwanTunai is already in development since Mei 2017 and listed in OJK.

Slightly different with other lending players, rather than using individual investor, AwanTunai get corporate funds. One of which is Kredit Plus (PT Finansia Multi Finance), the value has reach US$ 30 millions. There are also several foreign danareksa investment.

Another difference is, company targeted users in middle to low class society. They also line up with merchant offline as distribution channel.

“Our funding source is institution, even though we are still under regulation POJK Number 77 of 2016,” said AwanTunai’s CEO Dino Setiawan, Wednesday (11/29).

Dino added, the team sees a big amount of money cannot be guaranteed by only individual investors. It is necessary to cooperate with institutions ensuring continuity funds.

“In addition, shopping contribution of e-commerce to retail industry is still 1%. Instead of seeing the 1%, we better develop the existing 99%.”

In the early stages, AwanTunai only serves loan for smartphone purchase up to 4 million rupiahs. There are certain reasons why company choose to finance smartphones in regards as consumer credit.

Firstly, seen the growth of smartphone purchases in Indonesia that reach 40%. In conclusion, the goods are common needs to support productivity.

Secondly, as company’s first step is collecting user data. Collected data will be used to form other consumer products for installment.

“As far, it is limited to smartphone. We will provide other consumer products for installment, soon to be announced.”

AwanTunai’s business model

In the loan application process, the debtor needs to download AwanTunai app and upload ID card for the requirements. Their data will be verified by credit engine build by AwanTunai. The guarantee is to get the credit limit approval within 15 minutes.

AwanTunai has two types of channel in their business model. First, line up the debtors and institutions to ensure on target distribution and minimize failed payment. A partner institution of AwanTunai is Blue Bird for all its driver.

Currently, AwanTunai has lined up with 42 pools in Jabodetabek for 16 thousand drivers in the last 5 months. There are about 8 thousand applications approved with total distribution of 5 billion rupiahs. In the future, company will expand to Blue Bird pools in Surabaya.

Furthermore, AwanTunai associated with offline merchant selling smartphone to be a safe, easy and fast point of sales financing. There are about 50 partnered merchants in Jabodetabek area.

In expanding its services, AwanTunai will line up with three banks for additional funding and with small to huge businesses in improving service to public.


Original article is in Indonesian, translated by Kristin Siagian

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