Mandiri Capital Bridges Startup Synergy with Parent Company Through "Xponent" Program

PT Mandiri Capital Indonesia (MCI) recently launched the "Xponent" program as a forum for startups to synergize with the ecosystem in the Mandiri Group. This program also aims to strengthen innovation in the Mandiri Group to support the expansion of the digital ecosystem in the country.

Thursday (13/10), the first segment of the Xponent program was successfully held with the category lending. On this occasion, MCI also announced several strategic partnerships with the Mandiri Group's business units with selected startups.

At least three synergies have been formalized through the signing of a Memorandum of Understanding (MoU), led by Dennis Pratistha, Chief Investment Officer of PT Mandiri Capital Indonesia. First, cooperation in retail solution services and wholesalers, where is the MCI portfolio in the segment insurtech, Qoala, will be businesses insurance provider to Mandiri Tunas Finance (MTF) debtors and acts as a broker for digital channels.

Next, there are two startups engaged in home financing (KPR), namely: concise and Ideal which will work closely with the Mandiri Consumer Loans Group to enable a more effective and efficient process of buying a house to disbursement.

This series of Xponent programs is divided into several sessions, the first is a panel discussion with Indonesian startup leaders. Several well-known speakers were present, such as Emilio Wibisono as CEO & Founder of Sinbad, Irvan Kolonas as President of Agriaku, Ryan Manafe as CEO of Dagangan, and others. Then, session to build connectivity between leaders with each other.

PT Mandiri Capital Indonesia's Finance Director Rino Bernando said, "[..] MCI will regularly carry out the Exponent program on a regular basis as a form of our commitment to support the acceleration of Indonesia's digital economic transformation, and as one of our strategies to encourage company performance."

MCI provides an opportunity for all startups to join this program, with several conditions, namely; (1) At least have done a pre-series A fundraising round, (2) Have a solid and sustainable business model, and (3) Have use case synergy with financial institutions.

The next segment of the Xponent program will be held on Thursday, October 20, 2022, raising the topic of Beyond Lending and inviting business units from the Mandiri Group that are different from the previous segment. Registration Xponent is still open to startups who are interested in being involved in synergies with the Mandiri Group.

Mandiri Capital Investment Thesis

Sebagai corporate venture capital (CVC) from Bank Mandiri, MCI has been involved in funding 22 startups that are engaged in various fields and play an active role in building business traction for portfolios, as well as non-portfolios through synergy.

Most synergies are related to financing, such as loan channeling with Crowde targeting farmer shops, then cooperation with Amartha as a form of market expansion in tier 2 and 3 cities, and invoice financing with Investree to business and MSME segments.

In interview DailySocial.id previously with former MCI President Director Eddie Danusaputro, he revealed that MCI's thesis strategy in investing depends on fund managed. When fund This comes from the Mandiri Group, of course it must be related to the group's mandate, which is to encourage transformation initiatives and positive impacts for the Mandiri Group through optimizing synergies.

So far, MCI has only managed two fund active. First, fund whose funds are sourced from the Mandiri Group. Second, Indonesia Impact Fund (IIF) which focuses on startups that create environmental and social impacts referring to the five goals in the SDGs (sustainable development goals). Platforms edutech Cakap is the debut project of this managed fund.

Apart from that, MCI was also asked to be one of the 5 CVCs involved in the formation of the Red and White Fund managed fund as an initiative of the Ministry of SOEs to accelerate local startups that have the potential to become unicorns. The target is that startup funding through the Merah Putih Fund will begin to be implemented in early 2023.