Image credit: Richard Lee / Flickr

Indonesia-based student loan platform Dana Cita announced that it has officially operated in the Philippines, as told by Tech In Asia. Dana Cita will launch in the country

Indonesian fintech startup Dana Cita has expanded to the Philippines. It will launch in the country under a localised brand name, Bukas, a Filipino-word that can mean “open” and “tomorrow”.

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Dana Cita is an online peer-to-peer (P2P) lending platform for students to get loans to fund their university degrees to short vocational courses studies. It was the third Indonesian startup to graduate from Y Combinator’s Silicon Valley accelerator program.

“Our platform’s loan default rate is at around 6 per cent, and we expect it to decrease as our portfolio grows,” said co-founder of Dana Cita, Naga Tan.

In the past, Dana Cita has raised an undisclosed amount of seed funding from Spotify backer, GE32 Capital in January 2018. Just this January, the company reportedly secured funding from San Francisco-based Patamar Capital.

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To date, Dana Cita claims to have borrowers from over 150 educational institutions across 18 of Indonesia’s provinces. Dana Cita, along with two other P2P lenders Aktivaku and Findaya, has formed a partnership with ride-hailing company Go-Jek last Septmeber.

Image credit: Richard Lee / Flickr