Heaptalk, Jakarta – Cermati Fintech Group (CFG), a financial product aggregator start-up, announced that the Group bags undisclosed funding led by MDI Ventures, the corporate venture arm of state-owned Telkom Group Indonesia, and Centauri Fund MDI-KB.
The fresh funding will be readied by Cermati to build solid team, enhance and larger the product offering, develop technology, as well as expand partnership and product distribution. Djarum group backed Centra Capital Ventura (CCV) as Its previous capitalist also joined to this round.
The huge of investors’ trust in Cermati cannot be separated from the Company’s journey. Since its establishment in April 2015, Cermati has demonstrated tremendous progress that can be seen from the development of its features.
At the early stage, Cermati merely acted as a financial aggregator that assists consumer to get their ideal product by comparing various products from multiple companies. Two years later, In 2018, by tapping into its new investment from Djarum Group-backed Central Capital Ventura (CCV) in series B round, the Company has diversified its product by launching insurtech and fintech lending.
On the side of insurtech, the Firm has presented Cermati Protect and expanded their business by building collaboration with several insurance companies. From this collaboration, the option for insurtech provided becomes more varied, such as insurance for car, health, and travelling. Nowadays, the Corporate claimed it has cooperated with more than thirty insurance companies. In addition, Cermati Protect also has penetrated to micro-insurance field offered in giant e-commerce, including Blibli, Bukalapak, etc.
Aside from its insuretech development, CFG also has expanded its business in fintech lending, known as Indodana. Indodana has spread Buy Now Pay Later product to several e-commerces, especially to Tiket.com and Blibli – companies that are part of Djarum Group. According to Cermati, the product was created to promote financial inclusion targeted unbanked consumers with no access to credit cards and underbanked people. The vision upheld is in line with CCV and MDI Ventures principles and has led the ventures to send capital to Cermati.
“We also support Cermati in offering its micro-insurance and micro-lending products that have an important role towards Indonesia financial inclusion,” said Chief Executive Officer (CEO) MDI Ventures, Donald Wihardja, on Wednesday (5/5/2021).
In addition, Cermati’s products have welcomed with great enthusiasm by society, proven by a title pinned to the Company cited in Kompas (5/5) as a financial product marketplace with the highest traffic in Indonesia. The significant enhancement is triggered by the pandemic condition that brings out people awareness towards insurance to a higher level. Moreover, the Covid-19 pandemic also acted as a catalyst that burst up Buy Now Pay Later product. The presence of the product was considered as a solution for people to be wiser in managing their fund while capitalising promotion towards the product offering that cut the cost for certain needs. The attractive offering allows people in droves to use the product, so the product has grown significantly.
“We perceive that Cermati is a fintech company that has huge potential growth. Through Telkom Group and KB Financial ecosystem, the Companies can help accelerating financial penetration for the unbanked and underbanked population in Indonesia through Cermati,” stated Kenneth Li, Managing Partner Centauri Fund.
