UangTeman, an online lending platform for SMEs in Indonesia, has raised an undisclosed amount in pre-Series A round of equity funding, led by a “major Southeast Asian banking group”. Two undisclosed Indonesian institutional investment firms also participated.
In addition, UangTeman has also announced another S$1 million (US$735,000) in debt funding.
The company plans to use the investment to scale marketing and operations within Java island, with immediate plan to expand to Surabaya by November.
The investment will also be used to strengthen UangTeman’s engineering capabilities, particularly in Big Data infrastructure that would aid in speeding loan approvals and disbursements.
The startup also announced the appointment of Steve Ting in its Board of Director. Ting is the founder of Frontline Technologies, a Singapore Exchange (SGX) mainboard-listed company with over 5,000 employees operating in nine countries.
“We are excited by this opportunity to partner with UangTeman and its experienced team led by Aidil in building one of Indonesia’s best fintech ventures. Applying their unique technology in a vast untapped market of Indonesia, we envision UangTeman to be the catalyst of digital financial inclusion in this exciting market,” Ting said in a press statement.
“We are impressed by UangTeman’s proactive efforts in engaging the regulators in Indonesia for establishing fintech regulatory framework, which demonstrated the company’s leadership position and its pioneer role and responsibility in establishing a regulatory environment for the long term growth of the sector,” he added.