Cermati, an Indonesian startup that allows users to research and purchase financial products, announced today it has raised ‘seven-digits’ from Orange Growth Capital.
The deal is an extension of its Series A round announced in September, in which the company raised US$1.9 million.
The money will be used for hiring, expanding product offerings and improving technology.
Cermati is basically an e-commerce marketplace specifically targetting financial products. People can browse, compare and buy credit cards, auto loans, mortgages and personal loans, among other products.
The company claims to have had 3.2 million visits in December 2016 and facilitated IDR100 billion (US$7.5 million) of consumer loans in 2016.
“We’re excited to use this new funding to improve our state of the art technology, data science and analytical tools. We’re hiring more tech talents to join our world class tech team this year,” said Oby Sumampouw, the CTO of Cermati in a statement.
Cermati was launched in 2015 with the goal of making the process of buying financial services more convenient and affordable for the average Indonesian. It partners with financial institutions and negotiates a lower price by offering a stream of customers through the platform.
As for Orange Growth Capital, the VC is a Fintech-focussed firm that operates out of London, Amsterdam and Singapore. Founded in 2013, the company invests in Europe and Southeast Asia. Its strategy is to make significant minority investments in the fintech sector.
The September Series A for Cermati was led by East Ventures.
Copyright: gropgrop / 123RF Stock Photo