Indonesia’s Kredivo raises USD 90 million in Series C round - Venture Capital Deal
Indonesian digital credit card platform Kredivo raised USD 90 million through its parent company, Singapore-headquartered FinAccel, in a Series C equity funding round today. The deal is one of the largest funding rounds for fintech startups in Southeast Asia this year.
Indonesia has introduced new rules requiring overseas tech firms pay local taxes; companies who provide services to Indonesian residents and meet certain thresholds will be subject to the levy, even if they don’t maintain a local office; Indonesia’s internet economy is worth an estimated $40B annually, making it the largest in Southeast Asia.
Ruangguru to raise $100m in General Atlantic-led round - Venture Capital Deal
Indonesia-based edtech startup Ruangguru raises $100M led by General Atlantic, reports Tech in Asia; the company reportedly has a $500M post-money valuation; Ruangguru offers a range of education services including video lessons, a private tutor marketplace, and more; claims more than 15M users.
Akulaku was founded by Chinese entrepreneur Li Wenbo in 2016. It lets users purchase consumer goods and pay for them in installments. Akulaku also operates its own online marketplace, on which it offers gadgets, mostly smartphones, via its pay later mechanism. Indonesia-based online multifinance company Akulaku said that it wants to raise funding through an offshore loans scheme.
Indonesian digital payments firm Ovo has launched a new service aimed at providing micro, small, and medium-sized enterprises (MSMEs) easier access to additional financing, according to several media reports. The new service, DanaTara, gives MSMEs access to financing of up to 500 million rupiah (about US$35,600) with terms of up to 12 months. The submission process takes about two to five working days, according to the reports.