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With Rp50 Billion In Hand, Mandiri Capital Indonesia Aims for Three Indonesian Startups Next Year

Targeting Pre Series A stage startups focused on fintech and insurtech

Yenny Yusra - 2 December 2019

As a CVC under Bank Mandiri focusing on investment for fintech startups and its supports, Mandiri Capital Indonesia (MCI) claims to have around Rp50 billion funding ready to pour on Indonesian startups.

MCI’s CEO, Eddi Danusaputro said at the announcement of funding to Halofina, that startups focusing on fintech and insurtech have become the main priority. In fact, it’s to be integrated with Bank Mandiri ecosystem and its subsidiaries.

Invested in 13 fintech startups

In total, MCI has invested in 13 fintech startups, including Amartha, PrivyID, Moka, and Investree. In 2020 MCI has plans to invest in 2 or 3 more startups.

“From the beginning we’re not to be very aggressive investing in many startups. Therefore, we only choose the finest local startups interested in developing fintech and insuretech by focusing on product innovation and processing,” he said.

Despite the lack of local players in this sector, MCI has been interested in local remittance services that is to provide relevant services and technologies. Eddie thought, this is quite a great potential, considered the number of migrant workers in need for these services.

“It is probable that we will start focusing on this potential at MCI. For this reason, we are still looking for local startups that have this potential,” he added.

Meanwhile, a service like Halofina that offers digital investment assistant is expected to be implemented into groups or subsidiaries.

“With Halofina, we’re planning to embed the technology into all services available in the ecosystem of Mandiri subsidiaries. One of which is Mandiri Investment Management,” Eddie said.


Original article is in Indonesian, translated by Kristin Siagian

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