Heaptalk, Jakarta — Modalku Group, Southeast Asia’s digital funding platform for SMEs, has seized strategic investment from Maybank for an undisclosed amount. The investment aligns with Maybank’s approach to accelerating innovation in serving SMEs as part of its M25+ strategy, which aims to drive digitalization by managing ecosystems within and outside the banking sector.
President and Group CEO of Maybank, Dato’ Khairussaleh Ramli, conveyed, “Our investment in Modalku underscores our commitment to promoting financial inclusion, in line with our mission of ‘Humanising Financial Services.’ By leveraging our banking expertise alongside Modalku’s innovative digital platform, Maybank is committed to developing a robust SME ecosystem and ensuring a brighter, sustainable future for overall stakeholders,”
Established in 2015, Modalku is a regional fintech company that focuses on funding SMEs. Since its inception, the company has facilitated more than US$4.08 billion, approximately Rp63 trillion in business financing, positively impacting over 100,000 businesses across Indonesia, Singapore, Malaysia, Thailand, and Vietnam. In Indonesia, Modalku is one of the pioneers in digital lending platforms, licensed and supervised by the Financial Services Authority (OJK).
In 2023, Modalku Group disbursed the funding at US$3.2 billion (around Rp48 trillion) to over 5.1 million MSME transactions in Indonesia, Singapore, Malaysia, Thailand, and Vietnam. The company claimed that the output of the distribution of funding for the Modalku Group is relatively stable and shows growth of more than 40% compared to the same period in the previous year. Besides, this P2P lending platform has also maintained incredible quality funding, whereby the company recorded a success rate of refund or TKB90 at 95.70% in April 2023.
“This collaboration strengthens our dedication to expanding credit access to underserved SMEs who face challenges in managing cash flow as part of our measures to bolster entrepreneurs reach their full business potential.” Country Head of Modalku, Arthur Adisusanto, affirmed.
Prior to obtaining this latest investment, Modalku obtained a debt fund facility worth US$7.5 million, approximately Rp117 billion, from Northfund – a Development Financial Institution (DFI) that operates the Norwegian government’s investment fund for developing countries. This funding is the initial investment of Northfund with an MSME funding platform in Southeast Asia.
