UangTeman, a Jakarta, Indonesia-based digital lender, has raised up to US$12m in Series A debt and equity round.
The round was co-led by K2 Venture Capital Ltd, Enspire Capital, and first institutional investor Alpha JWC Ventures with participation from Tim Draper’s Draper Associates.
Stanley Wang, the Managing Director of K2 Venture Capital, will be joining the Board of the parent company, Digital Alpha Group Pte Ltd, as part of the deal joining Jefrey Joe, Managing Partner of Alpha JWC Ventures.
As part of this round, STI Financial Group, a Hong Kong-based asset management company, is also providing an undisclosed amount of debt financing to support the company’s lending capital requirements in Indonesia.
UangTeman will use the funds to scale customer acquisition throughout Indonesia as well as to invest in further research and development. The company is planning to open a Data Science & Analytics Centre in Singapore and India where further research on lending analytics will be conducted.
Launched in April 2015 by Aidil Zulkifli, CEO, and Soon Chern Chua (who has departed from the company since April 2016), UangTeman is a digital lender providing short term unsecured microloans of no more than US$350 to Indonesian consumers at a maximum of 30 days tenor. It is providing safe and transparent loans to underbanked Indonesians in more than 14 cities throughout Indonesia including Bali, Bandung, Jambi and Surabaya.
UangTeman has recently obtained its official registration from the financial services regulator of Indonesia (OJK) as a fintech lender under regulation 77/2016.