Heaptalk, Jakarta — Fintech startup Komunal has landed a new injection in a Series A+ funding round worth US$5 million (around Rp77.5 billion) led by Sumimoto Corporation Equity Asia with participation from Jafco Asia, Skystar Capital, Sovereign Capital, and Gobi Partners.
According to this startup’s Co-Founder and CEO, Hendry Lieviant, this fresh capital will enable his team to broaden the product and service and augment strategic partnerships with Rural Banks (BPRs), specifically in Java and Bali.
“We believe digitalization of BPR is the key to increasing financial inclusion in Indonesia. We will continue to innovate to have a bigger impact on Indonesian society, especially the MSME sector, which is still underserved in tier 2 and 3 cities.” Hendry added.
Before bagging the newest funding achievement, Komunal obtained positive business performance consistently by closing its profit in the third and fourth quarters (Q3 – Q4) of 2023. Last year, the startup channeled Communal distributed loans and deposits worth US$579 million, approximately Rp9 trillion, which has almost tripled compared to 2022.
Through the KomunalP2P service, this Indonesia-based fintech has also distributed business loans worth US$245 million (around Rp3.8 trillion) to more than 1,300 MSME projects in Indonesia, whereby about 86% come from outside the Jakarta Greater area. Through DepositoBPR by Komunal, this platform has also distributed deposit funds worth US$335 million, approximately Rp5.2 trillion, to over 330 BPRs and BPRS in Indonesia.
Established in 2018, Komunal continues to boost financial inclusion through the digitalization of Rural Banks, which is claimed to possess a hyperlocal reach in local communities. Hitherto, Komunal has partnered with 376 BPRs throughout Indonesia and distributed business loans to MSMEs, most of which are in tier 2 and 3 cities. Through the DepositoBPR by Komunal service, the company places deposits in hundreds of BPRs digitally and in person.
“Komunal empowers BPR with a one-stop banking-as-a-service (BaaS) platform which will play a critical role in expanding credit availability for MSMEs and unlocking economic potential in tier 2 and 3 cities in Indonesia,” said Sumimoto Corporation Equity Asia’s Representative, Alan Tang.
