UangTeman Raises $12m in Funding Round
Jakarta. Digital Alpha Indonesia, better known as UangTeman, the country's first online lending service, secured $12 million in a Series A funding round to expand its business in Southeast Asia.
"We are focused on creating the best lending experience for less fortunate people in Southeast Asia," Aidil Zulkifli, chief executive and founder of UangTeman, said in a statement on Monday (07/09).
UangTeman has said on many occasions that its chief mission is to assist people who are unable to access "safe and transparent" financial services and who must therefore rely on unscrupulous lenders or unregistered pawn shops.
"We will invest in research and development that would allow us to deliver such good news to our customers," he said.
According to the statement, the Series A funding round was led by K2 Venture Capital, a joint venture between Singapore-listed TIH and Thailand-listed holding company Loxley. Other investors include Hong Kong-based asset management company STI Financial Group, Tim Draper of the United States-based venture capital firm Draper Associates, and existing investors Alpha JWC Ventures and Teong Chee Hooi.
"We see UangTeman as the most promising pioneer in the relatively new fintech industry in Indonesia," said Stanley Wang, managing director of K2 Venture Capital.
"[UangTeman] has a dynamic and committed management team to create a strong franchise platform and technology [...] We are optimistic that they can be successful in other markets in this region," Wang said.
UangTeman raised an undisclosed amount in a pre-Series A financing round, led by an undisclosed Southeast Asian banking group in September last year, to expand its services to several major cities in Indonesia. The company also raised $1 million in debt financing at the same time.
In a separate statement, UangTeman said it has served more than 7,000 customers in 15 cities in Indonesia since its launch in April 2015.
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