Modalku Supports Tokopedia's Balance Priority Feature

Modalku partners with Tokopedia to support the Balance Priority feature. A feature to smoothen the cashflow by allowing users to withdraw 80% of funds ahead of a transaction. Modalku plays a role as a money lender. The process is made as simple as possible, fast, and no collateral.

The strategic partnership of both is to unite vision in order to support financial inclusion in Indonesia. Tokopedia as a marketplace service provider plays a role to create an opportunity for anyone to build their own business, while Modalku will help to expand access to capital without collateral for those haven't been served by the existing system.

"In delivering new innovation and feature, Tokopedia always focused on answering user's problems. The rise of Balance Priority makes it easy for merchants to run their business smoothly without any issue with cash flow. It goes along with our focus to boost financial inclusion for Indonesian people and with our mission to reach digital economic equity," Samuel Sentana, Tokopedia's Head of Financial Technology, said.

Modalku, as the capital provider for Balance Priority feature, expects this feature to create smoother cash flow instead of being an obstruction for the current business.

"Indonesian SMEs provide a great contribution to the country's economy. However, when the discussion of SMEs started, it can't be separated from business people and online merchants. Even though their business isn't large individually, but they are part of the sectors resulting in rapid growth in Indonesian digital economy. The online merchants also need capital for business. Modalku with Tokopedia expect the Balance Priority can answer the user demand for financial needs," Reynold Wijaya, Modalku's Co-Founder and CEO, explained.

A partnership between Modalku and Tokopedia for the Balance Priority can be considered as a new breakthrough in the marketplace e-commerce segment. Aside from seller benefits in terms of the capital partnership, it also marks the mutual collaboration, and there will be more cross-segment collaboration coming up next year.

"The online merchant needs funding for business development. Modalku, with Tokopedia, expects the Balance Priority can be the answer to their financial needs," Wijaya said.

Modalku, as a peer-to-peer lending service provider, has successfully distributed more than Rp3.5 trillion for SMEs in Southeast Asia since its establishment. The Rp2 trillion was given to Indonesian SMEs.

– Original article is in Indonesian, translated by Kristin Siagian