East Ventures and Vertex Ventures Lead Series A Funding for Cicil
This funding will be used for expansion and acquisition of more users
A fintech platform that focuses on student loans for the Cicil segment has received Series A funding from a number of investors. Some of the investors involved include East Ventures, Vertex Ventures, K3 Ventures, Ethos Partners and Accord Ventures. With this funding, in total, the installments have received more than $5 million (more than 70 billion Rupiah).
East Ventures who are also involved in series funding previously see Cicil not only as a loan company, but also a service that solves the most problems critical in Indonesia, namely the development of human capacity by bridging the gap in education financing.
"Cicil is not just company other loans. [Co-Founder Cicil] Leslie and Edward solve the most critical problem in Indonesia, namely the development of human capacity. Access to education can actually improve people's living standards, but the education system in Indonesia is still very expensive. Cicil fills this gap by providing financing for students to pay for their education as well as buying study necessities such as laptops and computers. This certainly can help students to be able to move forward and develop in line with the national movement to become Energy Asia," explained East Ventures' Managing Partner Willson Cuaca.
The same thing was conveyed by Vertex Ventures Managing Partner Joo Hock Chua. He said that his party was quite pleased to be jointly leading the funding for Cicil and to be able to help them to expand in the student market segment in Indonesia.
"Cicil has fulfilled an important and continuing mission in students' educational journeys by helping finance their needs, from laptops, travel, housing to tuition. They have the right tools and opportunities to focus on creating a better learning experience. We also see a big opportunity in Indonesia, which is to help students in the ASEAN region as well," Joo explained.
So far, Cicil has focused on solutions to student financial problems in Indonesia. Good for paying tuition or online purchases with monthly installments without a credit card.
Since its establishment at the end of 2016, Cicil has grown and succeeded reach 10 provinces and 29 cities in Indonesia and successfully serve students in more than 100 universities. With this new fund, Cicil has planned to be able to help more students.
"We see that access to finance is a real problem for Indonesian students and we hope that Cicil can help solve that problem. We also hope to address similar problems not only in Indonesia, but also throughout Southeast Asia. This new fund will allow us to accelerate expansion and serve more students," said Co-Founder Installment Leslie Lim.