Crowdo P2P Lending Platform Launches Investor-only Application "Crowdo Connect"

Singapore-based P2P Lending platform Crowdo launched a special application for investors (lenders) called Crowdo Connect. This application is expected to make it easier for investors to manage their investment portfolios and other important information about the SMEs they will invest in, from rating, interest, tenor, to the SME profile itself.

Not only that, this application is also a vision Crowdo who want to connect Indonesian MSEs with investors from various parts of the country. In terms of the number of investors, Crowdo currently has more than 30 thousand members spread across 70 countries. For now, Crowdo Connect is only available for Android users.

"The reason we launched this application is because of high demand from investors. Therefore, we designed this application according to their needs, investors can directly invest in the application and manage their portfolios," explained Crowdo Indonesia General Manager Cally Alexandra, Tuesday (28 /2).

Through this launch, Indonesian Crowdo targeting more ambitious business growth for this year. Crowdo targets the total loans disbursed to be in the range of IDR 200 billion to IDR 300 billion. The average loan target also increased to Rp1 billion to Rp2 billion.

This figure grew faster than the achievement of Crowdo Indonesia in the previous year. The total loans disbursed were still below Rp200 billion, with details of the total number of SMEs being funded by around 1.200 SMEs and the average loan size per SME was Rp200 million.

"We are targeting this year to be able to disburse loans of around Rp. 200 billion to Rp. 300 billion."

Officially, Crowdo was first launched in Singapore since 2012. They then expanded to Malaysia three years later and finally launched their business in Indonesia last year.

The focus of Crowdo's business model in Indonesia is different from that of the other two countries. In Indonesia, Crowdo only focuses on running the P2P lending business. While in Malaysia and Singapore, Crowdo has two business focuses, namely P2P lending and equity crowdfunding.

When asked about Crowdo's possibilities to expand the business equity crowdfunding In Indonesia, Cally only said that currently his party is still focused on developing the P2P lending business, considering that the potential for SMEs that have not been touched by bank services is still very large.

Crowdo's business model in Indonesia

To apply for a loan (or invest) on the platform, users only need a three-step process. To ensure process security, Crowdo applies an approach based on four pillars as credit scoring. Starting from traditional parameters, big data, social media dataand psychometric test.

This technology makes the financing and investment process seamless end-to-end become more efficient, transparent, and intelligent. The types of collateral needed for each application process are gold, cars, invoice, and contracts.

The maximum loan that a borrower can apply for is IDR 2 billion, while the interest range offered starts from 10% to 40% per year. Meanwhile, the minimum amount of funds that can be invested by investors is IDR 1 million.

Crowdo only take admin fees for every loan application that is successfully fulfilled by investors, the amount is 3% of the total loan.

"We will only take admin fees of every loan that is successfully fulfilled by investors, otherwise we will not charge them," concluded Cally.