Academic Fintech Lending Startup Fund Cita Plans to Expand to the Philippines

Dana Cita as a fintech lending focuses on facilitating academic finance reportedly to finalize its expansion to the Philippines. From the flying rumor, Dana Cita will introduce a new brand called "Bukas" (In Filipino means "open" or "tomorrow"). Bukas is now accessible through https://bukas.ph/.

Regarding expansion, Dana Cita's Co-Founder Susli Lie has confirmed to DailySocial with no further details.

This expansion run after the startup was founded by Susli Lie and Naga Tan recorded great traction in Indonesia. As of March 2018, they've distributed funding loan up to two billion Rupiah. In terms of the current business, Dana Cita is sponsored by follow-on funding from Patamar Capital investors.

Previously, they've received a license from OJK. Since then, the Jakarta based startup keeps making talent acquisition in various ways, one is through regular socialization to the academic institutions. The loan has a quite long tenor up to 72 months with 1-1.75% interest per month.

Previously, the Cita Fund has been formed strategic partnership With Gojek. it allows Gojek's ecosystem to access the academic financial services of Dana Cita. Both are targeting Philippines market - although Gojek also facing obstacle post online transportation service licensing moratorium.

- Original article is in Indonesian, translated by Kristin Siagian