Cermati Reportedly Received 250 Billion Rupiah Series D Funding Led by MDI Ventures

Financial product aggregator startup Cermati reportedly bagged new fresh funds in a series D round worth more than $17 million (approximately 250,3 billion Rupiah). Until this news was published, Cermati's management has not received any confirmation.

According to the information we got, this round was again led by MDI Ventures. MDI, through the Centauri Fund, was the previous investor participating in series C in May 2021. Global Distribution Niaga Pte Ltd, an entity of Blibli, participated in this latest round.

Since its establishment in 2015, Cermati has now grown to be more than just an aggregator of financial products. Last year they announced a holding company called Cermati Fintech Group (CFG). This CFG oversees a number of financial business verticals, namely Cermati.com (financial product aggregator), Cermati Protect (insurtech), Indodana ( ), BaaS, and most recently Cermati Invest (APERD mutual funds).

Previously in joint interview DailySocial.id, CEO of Cermati Andhy Koesnandar said Cermati.com, product flagship company, succeeded in enriching Cermati's experience in developing digital products for banking partners, insurance and other financial institutions.

The company follows banking standardization in its processes, for example through API, Fraud Detection, Credit Scoring and e-KYC components. "This experience provides capital for us to continue developing new business lines at CFG," said Andhy.

As part of the Djarum Group, the company carries out many strategic partnerships with its portfolio. One of them, for BaaS, is partnering with BCA Digital and Blibli. This solution was launched last year, so BCA Digital users can carry out banking activities through the Blibli application.

Andhy said, this BaaS solution actually allows his party to expand its financial product offerings, starting from opening an account, paylater, insurance, and more on all types of platforms virtually to third parties, so they can have banking capabilities on their non-bank platforms.

“BaaS is the latest technology product offering from Cermati Fintech Group, where we provide technology stack to connect banks with digital platforms,” he said.

In this case, Cermati developed a strategy embedded finance, open banking services can be embedded in the application ecosystem enabling super application capabilities through Open API and BaaS capabilities. Cermati's BaaS offering enables the ecosystem online and offline to invest in banking services, other than insurance and paylater used as service models in their ecosystem.

The presence of financial products can increase users fintech, reduce user friction, and increase loyalty. As for banking, BaaS technology offers a new way to partner with the ecosystem by providing banking services tailored to these customers.