Fintech Platform from Indonesia Investree Expands to Philippines and Thailand

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Fintech Platform from Indonesia Investree Expands to Philippines and Thailand

Financial technology (fintech) platform PT Investree Radhika Jaya has announced that its plans to expand its market to Thailand and the Philippines through joint ventures are on track despite the ongoing COVID-19 outbreak. 

Investree cofounder and CEO Adrian Gunadi said on Wednesday that the company expected to complete the expansion by the second or third quarter of this year.

“We are in the process of obtaining a license in the Philippines while we are in the final stages of licensing in Thailand. So, there is no change of plans,” he told the press through a video conference.

He went on to say that the licensing process in the Philippines might take longer than planned as a result of a nationwide lockdown to curb COVID-19 implemented on March 16. However, Adrian said he was optimistic that it could be completed by September.

The expansion was made possible, he added, by the first trench of series C funding worth US$23.5 million the company closed in mid-March. The funds will also be used to expand Investree’s business in Indonesia, including in e-procurement and electronic invoicing.

 The investment was led by MUIP, the corporate venture arm of Japan’s Mitsubishi UFJ Financial Group (MUFG) and Indonesia’s BRI Ventures.

“We are also in talks with other potential investors, so we can expect the value to be higher,” Adrian said.


He added that the peer-to-peer (P2P) lending company had exceeded its first-quarter loan disbursement target to 104 percent. The company has disbursed Rp 588 billion ($36.24 million) in loans so far this year.

 He also predicted an increase in working capital for small and medium enterprises (SMEs), especially from vendors supplying health necessities such as hospital beds and gloves, adding that the company would focus on funding SMEs in the healthcare industry in the second quarter this year.

 “I believe Investree can be resilient during this pandemic because we are well-capitalized,” he said.

Previously, Investree partnered with private lender PT Bank Danamon Indonesia to allow SMEs to borrow loans worth between Rp 200 million and Rp 2 billion.

P2P platforms have contributed Rp 60 trillion to the country’s GDP as of June 2019, primarily through SMEs, according to a study by think tank Institute for Development of Economics and Finance (Indef) and the Indonesian Fintech Lenders Association (AFPI). 


Source : Inquirer  | Asia News Network 

Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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