Indonesian financial e-commerce platform Cermati today announced that they have raised a US$1.9 million Series A round led by East Ventures.
The Jakarta-based startup’s existing investor Beenos Plaza also participated in the round.
“We are very delighted to work with East Ventures, Beenos Plaza, and their leadership team. They bring deep expertise and network in the Indonesian market. This investment will help us scale our technology platform and operation in Indonesia,” said Cermati CEO and Co-Founder Andhy Koesnandar in a press statement.
Cermati is a platform for consumers to find, compare, and apply for various financial services. Launched in 2015, it claimed to have facilitated over IDR60 billion (US$4.5 million) worth of consumer loans, with product-sold ranging from credit card, personal loan, to motorcycle loan. It also claimed to have recorded over 2.5 million monthly visits in June 2016.
The startup plans to use the new round of funding to “expand the team to accelerate the company’s growth.”
“Cermati is ready to partner with banks, multi-finances and other financial services to use technology and digital channels to reach digitally savvy Indonesians, streamline the application process and improve their bottom line,” said Cermati Co-Founder Carlo Gandasubrata.