UangTeman Closes Series B Round Worth of 143 Billion Rupiah, Planning for Expansion and Acquisition

The financial technology startup UangTeman announced the first round of Series B funding - named series B. There are new faces, including KDDI Open Innovation Fund and Global Brain Corporation. Some investors from the previous round also involved.

They also informed the second round (series B2) should be closed by October 2019. In this round, Spiral Ventures will take the lead. The whole series B is to make $10 million or 143 billion Rupiah.

Spiral Ventures' CEO, Yuji Horiguchi said on this round that they are going all out through the current experience and skill to support UangTeman current development.

"In Indonesia, the online loan industry has become a part of social infrastructure. By following the path of UangTeman, we can have a better understanding and making a further contribution to support and creating effective social infrastructure for SMEs in Indonesia," he said.

Acquisition, diversification and expansion

UangTeman has acquired an official license from Financial Service Authority (FSA) on May 2019, after passing through the whole series of the auditing process. Furthermore, this momentum is to create product diversification. In a specific way is to distribute online loans focused on productive micro business.

Diversification will be made through the acquisition of another online loan company which is already registered on OJK. The name is still undisclosed but the product coverage includes invoice financing and payroll distribution. The process is to be finished by September 2019.

In addition, UangTeman is planning a strategic step to expand to the Philippines. They are currently in the process of getting a license from the local financial service regulator. In order to increase penetration in Southeast Asia, they also plan for Series C in 2020.

–Original article is in Indonesian, translated by Kristin Siagian