Following this newest funding, Ringkas startup aims to achieve mortgage transactions worth up to US$200 million within 6-12 months.
Heaptalk, Jakarta — A platform that provides digital-based mortgage services, Ringkas, has completed a seed funding round worth US$3.5 million (around Rp52.4 billion), led by East Ventures and Crestone Venture Capital. Multiple investors participate, including 500 Global, Teja Ventures, Orvel Ventures, and Hustle Fund, also involve in this investment round.
After obtaining this seed round, Ringkas will broaden its platform reach into several cities in Indonesia and penetrate the secondary market. On the other hand, the Co-Founder of Ringkas, Ilya Kravtsov, affirmed his party would tackle the capital to expedite the technological adoption of Ringkas in the underserved region in the archipelago.
Following this newest funding, Ringkas’s Co-Founder also affirmed to achieve mortgage transactions worth up to US$200 million within the next 6-12 months and launch over 100 projects in 34 cities across Indonesia.
Founded by Ilya Kravtsov, Leroy Pinto, Puguh Widyoko, and Yoko Simon in early 2022, these founders continue to develop the Ringkas platform after discovering the solution to the problem of home ownership in Indonesia, whereby the mortgage ratio is still only 3.25% to the Indonesi’s GDP. The output is still lower compared to India (11%) and the United States, which has been improved by 50%.
Despite the lower ratio, they also notice Indonesia encounters housing backlog obstacles, with 12.75 million units in total, which continues to increase yearly. Perceiving the matters, Ringkas startup aims to bridge the gap between millions of dwelling hunters, 12,000 property developers, 1,200 banking companies, and other financial institutions by simplifying mortgage submission processes. Through the service offered, this startup targets backing 100 million people in the country to have their own houses with the mortgage scheme.
Unlike conventional mortgages, which involve fragmented pre-qualification, a lengthy manual submission process, and limited transparency, the Ringkas platform proffers a more straightforward approach. Ringkas offers a streamlined approach. With real-time pre-qualification and a user-friendly digital platform, consumers can effortlessly apply for mortgages to multiple banks simultaneously, ensuring convenience, transparency, and a wide range of reliable options.
As one of the startup’s primary focuses, Ringkas ensures consumer data security by providing security, audit trails, and restricting data access to relevant parties involved in the mortgage process. To support data security, this fintech startup has become a regulated digital financial innovation operator by OJK since early 2023 and has obtained ISO27001 certification related to customer privacy and data security.
Leading the investment round, the Partner of East Ventures, Avina Sugiarto, “We are thrilled to support Ringkas on their mission to revolutionize the homeownership financing solution. With a strong track record, we believe its innovative solutions will enable a more convenient and efficient homeownership process for millions of people in Indonesia,”
Ringkas has secured over US$2 billion in housing supply by partnering with the most prominent developers and currently lives in 5 cities. The startup has also cooperated with many leading banking companies in the country, including BCA, Bank Mandiri, BSI, BRI, Bank CIMB CIMB Niaga, Bank Permata, Bank Danamon, Bank Maybank Indonesia, OCBC NISP, UOB Indonesia, Bank Panin, and Bank CCB Indonesia.
Co-Founding Partner of Crestone Ventures Capital, Inanc Balci, admitted, “We are committed to backing Ringkas in achieving its intention to make home ownership faster, easier, and more affordable for the entire people in the archipelago,”
