Indonesian student loan platform Danadidik announced on Wednesday that it has raised an undisclosed seed funding round from Singapore-based impact investment fund Garden Impact Investments.
In an email to e27, Danadidik Co-Founder and CEO Dipo Satria said that the new funding will be focussed on hiring, product development, and marketing.
He also stated that for the year 2018, the South Jakarta-based startup plans to launch its mobile app and is targeting to fund 2,000 students.
Launched in March 2016, Danadidik is a crowdfunding platform that connects underprivileged students in Indonesia with potential sponsors or lenders. Targeting university students in their final year, students are able to return the loan within 30 months from graduation once they have started to earn their own income.
The startup said it is currently the only peer-to-peer (P2P) lending platform in Indonesia that focusses on student loan.
It has recently been announced as one of the 11 startups in the first batch of Plug and Play Indonesia accelerator programme.
“With this investment, we are incredibly excited to be able to impact more underprivileged students’ lives. We’d like to invite more local corporations and family offices to get involve to support more students through Danadidik,” Satria said in a press statement.
A study by the USAID revealed that there are about 19.4 million Indonesian youths who are not able to attend higher education due to limited financial support.
Examples of Indonesian startups with products and services that can help underprivileged students access quality content to support their study are IniBudi and Zenius.
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