Looking to Expand Its Business to Indonesia, MoneySmart Acquired KreditAja
Adjie Priambada - 2 December 2014
Indonesia is unquestionably a promising place to start a business. Local players, global players, all understand that reference very well. Thus, it’s not so surprising to learn that the Singapore-based MoneySmart decided to acquire KreditAja in order to have better access to Indonesian market. Through an undisclosed deal, KreditAja will then possess the minority of MoneySmart’s shares.
The fact that KreditAja has attracted around one million visitors in a month plus 10 thousand users to be its registered members ever since its launching last year has apparently lured MoneySmart to step into the decision. As reported by Tech In Asia, MoneySmart’s CEO Vinod Nair claimed that MoneySmart’s annual revenue has reached more than S$1,000,000 (around US$800,000).
During a session with e27, Nair stated, “Indonesia is an enormous market with huge growth potential, it will surely help us strengthening our position in Singapore. Our strength allows us to give fast and appropriate responses toward our products and acquisition plan.”
It’s clear that both parties have made each own fortune. KreditAja, for instance, is currently partnering with Berniaga and is in the edge of finalizing a number of similiar partnership for 2015. Prior to the acquisition, KreditAja’s management team will be consisted of the combination of both companies’ talents and will be based in Singapore.
“MoneySmart has been a prominent brand in Singapore and the combination of both companies will no doubt form us a fantastic platform which will support our development blueprint in Indonesia. Both our teams in Jakarta and Singapore have been working together and collaborating their skills in technology, content, and marketing. We are about to roll out incredible products and services in next coming months,” KreditAja’s CEO Rob Barnes added, as being cited from e27.
That being said, KreditAja looks to be much more aggressive in providing its banking products, including insurance and many others. Nair closed the session by claiming that MoneySmart has successfully tripled the S$589.000 (around US$ 471.000) funding they got from the Golden Gates Benture and NRF.