Besides obtaining new funding, Komunal also disbursed capital of US$230 million (Rp3.4 trillion) worth of deposits and loans to local BPRs and MSMEs in 2022.
Heaptalk, Jakarta — Komunal, the financial technology startup to digitize Rural Banks (BPR) for the financial inclusion acceleration in Indonesia’s tier 2 and 3 cities, has seized a new fund worth US$8.5 million, or nearly Rp129 billion (US$1 equals Rp15,184), led by East Ventures and bolstered by AlphaTrio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora, and Gobi Partners.
Through the latest business funding of this startup, Komunal will allocate the fund to expedite financial inclusion and elevate the neo-rural bank ecosystem in Indonesia, specifically outside the Greater Jakarta area.
Receiving new capital injection, the CEO of Komunal, Hendry Lieviant, “We are humbled by the overwhelming support from our investors, rural bank partners, and loyal users. It was very fulfilling to see how digitalization has helped our rural bank partners thrive during the pandemic recovery period and enabled our loyal users to access attractive deposit and loan products digitally. In 2023, we hope to reach a broader market, particularly BPR users and partners outside of Java and Bali,”
Further, according to him, the financial technology industry in the archipelago possesses enormous potential, specifically for fostering the growth of MSMEs. Hendry perceives this sector can conveniently boost SMEs in handling their finances and capital. Through the collaboration between fintech and incumbent banks, the CEO of this fintech company has a solid optimism to build a powerful synergy to heighten MSMEs’ financial inclusion in tier 2 and 3 cities of Indonesia.
The business accomplishment of Komunal in 2022
Currently, Komunal startup focuses on two business lines: DepositoBPR by Komunal and Komunal P2P lending. DepositoBPR by Komunal is the first BPR deposit marketplace inclusion in Indonesia. Meanwhile, Komunal P2P Lending is a peer-to-peer lending platform that connects potential MSMEs with lenders to support economic growth in the country.
Since its inception, the company has recorded 220 BPRs from 19 provinces in Indonesia have joined the DepositoBPR through the Komunal platform. This platform enables users in Indonesia to make deposits digitally with hundreds of BPRs more quickly without physically visiting the banks while gaining higher interest rates on government-guaranteed deposits.
During 2022, this startup has disbursed a capital of US$230 million (Rp3.4 trillion) worth of deposits and loans to local BPRs and MSMEs. This value represents the company’s business growth of 350% YoY, compared to 2021, worth US$50 million (Rp758 billion).
Transaction volume is expected to exceed US$ 500 million by 2023. In addition, Komunal has also recorded positive EBITDA as of October 2022, experiencing growth and profitability simultaneously.
Leading this investment stage, the Co-Founder and Managing Partner of East Ventures, Wilson Cuaca, stated, “As the early backer of Komunal, we have witnessed the growth and many achievements of Komunal. We believe in the resilience innovation that Hendry and the team have and will continue to present, which will further expedite the digitalization of the financial industry. Thus, we are excited to continue seeing Komunal’s contribution to realizing financial inclusion for society,”
