Aiming for Four New Startups, Mandiri Capital Engages InsurTech and Investment Management

Mandiri Capital Indonesia (MCI), a subsidiary of the Bank Mandiri Group, said it would add four new startups to the company's portfolio. Specifically, MCI will target startups engaged in insurtech and investment management (wealth management).

MCI CEO Eddi Danusaputro said that his party was in the exploration stage with two startups operating in these two domains, so it could not be explained in detail. What is certain, when it is official, the two startups will help the Bank Mandiri Group with the technology they have.

"Now we are still exploring, we are ready to enter the Serie A stage. At least they already have it traction," he said on the sidelines of the Indonesia PE-VC Summit, yesterday (24/1).

He said MCI has prepared funds of around Rp. 40 billion to Rp. 50 billion to invest this year. His party also prepared an allocation of funds from their own pockets to participate in the event follow-up funding from portfolio Existing Rp 50 billion-Rp 60 billion.

"Our pockets [of funding sources] are different, which one is for a new startup, which one is created? Existing portfolio. If Amartha or Privy need funding, we have prepared funds from our own pockets."

In addition to targeting the two new startup domains, Eddi admitted that in the future MCI will target startups that play in the realm of cybersecurity. This area is considered the most needed by all financial institutions, including banks. Moreover, the more sophisticated the development of technology, in line with the level of threat.

"Cyber ​​security it is needed because it is a basic need for all financial institutions. We haven't found a suitable startup, although it's not a priority this year but we predict it will be needed."

Currently, MCI has 10 portfolios engaged in the lending, paymentand enterprise solutions. They are Jurnal, Cashlez, Amartha, Yokke, Moka, PrivyID, PT Penyelesihan Electronic Transactions National (PTEN), Investree, PT DAM, and KoinWorks.