Easy Installment Platform for Students Installments Book Initial Funding from East Ventures

Installment, company fintech to apply for a light installment of a product, announces that it has successfully booked an undisclosed initial funding from East Ventures. This fresh fund will be used to accelerate Cicil's mission to bring financial inclusion to university students who are its main target market. In the future, Cicil also plans to be able to help with the tuition needs of its users.

Cicil's Co-Founder Leslie Lim said in a media statement, “We realize that access to finance is relatively scarce for Indonesian students. For example, when they need to buy an expensive laptop for school, [usually] it is difficult to get financial assistance to pay a large upfront fee. Therefore, we came with the desire to help solve this problem."

Students can apply for product installments through Cicil after filling out the application form contained in the application form platform. After that, the system big data analytics Installments will assess the eligibility of students who will apply for credit based on their profile. If the applicant is approved, Cicil will buy products from platform e-commerce chosen by students and students can pay installments without using a credit card.

Leslie says, “When it comes to credit limits, we don't have a fixed value on it, as it will depend on how strong the student application profile is. The better the profile, the higher the approved credit limit.

“Regarding the way of selection, we try to reward students who are responsible and put more effort into their university education. So having a high GPA or being more active in university organizations would be very helpful,” he continued.

East Ventures Managing Partner Wilson Weather added, “One of East Venutres' theses is 'post-millennial market'. We want to engage with this future consumer group and Cicil is ready to tackle that. We believe Leslie and Edward are well positioned to seize this opportunity.”

Targeting credit consumption to students, Cicil tries to serve the student segment that has not been touched by bank credit services. With credit card penetration reaching only one percent and banking penetration reaching 20 percent, students in Indonesia currently have the lowest access to financing in Southeast Asia. Cicil's presence aims to solve this problem, assisting better financial access for around six million students in Indonesia during their four-year study period.

“With Cicil, students will be able to pay for the items they need in monthly installments, [...] without using a credit card. We hope this will lessen the burden on those who have to save for months to buy these items. In the future, we are also exploring ideas to help students with their tuition needs," said Edward Widjonarko, another Cicil Co-Founder.