Akseleran Reportedly Raised Funding for Series A Nearly 120 Billion Rupiah

Startups p2p loans Akseleran reportedly raised $8,5 million (nearly 120 billion Rupiah) in funding from a number of investors, one of which is Access Ventures.

This news was first reported by Deal Street Asia (23/9) and confirmed directly by the Co-Founder & CEO of Akseleran Ivan Tambunan when met on the sidelines of the Indonesia Fintech Summit & Expo 2019 in Jakarta on the same day.

Ivan does not want to comment much on this information, he instead plans to make an official news in November 2019. He reasoned that his party was still waiting for approval from the OJK. But Ivan confirmed the nominal is correct $8,5 million.

"We decline [give] a comment, only November can give a comment. From the amount [of investment] it is true, but we cannot comment yet because we have to wait for approval from the OJK, that is a condition that we must fulfill," said Ivan.

This news before been echoed for a long time by Akseleran, even since last year. Ivan said the company is seeking series A funding of $7,5 million (approximately 105 billion Rupiah).

In February 2019, the new company announced funding of $2,5 billion (approximately 35 billion Rupiah) as part of this series A round. The confirmation from Ivan directly confirmed that happened oversubscribed in this round.

Accelerated Performance

Ivan explained that currently the company has disbursed financing of Rp690 billion accumulatively from last year's achievements. By target, the company aims for the total distribution to reach Rp1,1 trillion. Per month, Ivan said that Akseleran had distributed around Rp. 70 billion.

"For this year alone, we are targeting the distribution of Rp. 900 billion, last year it was Rp. 260 billion. So if you total it accumulatively, we want to reach Rp. 1,1 trillion."

When described in more detail, the products that are most widely used by borrowers is invoice and pre-invoice. The composition of both is 90% of the nominal distribution. But what Accelerator wants to push by the end of this year is supply chain financing whose contribution is targeted to penetrate 10%-15%.

He explained that this product has a positive side for all parties. Acceleration can secure payment guarantees so much more secure. In terms of the assessment process is also much faster, because the company does not need to assess the risk of borrowers only, but enough from the payer only. As a result, the amount of interest charged is much cheaper.

"The process is much faster because we are enough assess payersonly, borrowers no need anymore. But Acceleration has to cooperate with payerher first. So it's more efficient for acquisitions borrowers because we can businesses-an equal one businesses but can get a lot borrowers from the vendor beg-his."

For Actioncalendar Currently, those who are members of Akseleran are still dominated by individuals (90%), the majority are located in Greater Jakarta, the rest are scattered in West Java, Central Java, East Java, North Sumatra, South Sumatra, Central Kalimantan, and even East Nusa Tenggara.

Ivan plans to increase the portion of borrowers from institutions, the target portion is 20-30%. Some of the names that have worked together are companies finance, such as Mandiri Tunas Finance and Ciptadana Multifinance.

"There are several additions from leasing, later they will also come from big banks. Actually, there is already an MoU with BPR, but only an MoU. We are open to all parties," concluded Ivan.