1. Startups

Investree Confirms Series D Investment Funds from JTA Holdings Will Be Disbursed Soon

JTA Holdings has sent a "Commitment Letter" which was received by Investree Group on February 21, 2024

Investree announced the latest news regarding its efforts to improve the company's internal affairs in order to regain the trust of the public. Management acknowledged internal business challenges due to a number of payment constraints borrowers, has an impact on delays in loan repayment for Actioncalendar.

In an official statement, Co-founder and Director of Investree Singapore Pte. Ltd. Kok Chuan Lim detailed the Investree news so far. Here are the details:

  1. Open communication with borrowers who still have good faith to repay the loan to Actioncalendar, one of which is by increasing collaboration with third parties to speed up the process loan repayment collection. Most of the borrowers According to Investree's internal data, the ones that are stuck are MSMEs from multi-industry that are experiencing operational problems due to various factors, such as decreasing turnover, business closures, and others.
  2. Investment funds from JTA Holdings will be disbursed immediately after Investree Group receives Commitment Letter which was sent on February 21 2024. The next step is to prepare technical documents for the fund disbursement process.
  3. The Investree Indonesia office has reopened as of February 19 2024 and is operating normally after previously being closed.

Apart from relying on investment funds from JTA Holdings to continue stalled operations, previously informed that one of Investree's investors, namely SBI Holdings, has injected funds of $7 million or 109,5 billion Rupiah.

A total of $4,5 million was used to pay company expenses, including salaries, taxes, debt and other expenses. The remainder is used for legal, insurance and rental needs.
“Currently we are prioritizing that every stakeholders Internal and external Investree get their rights proportionally and are expected by each borrowers to continue its obligation to repay its loan facilities. "We also want to emphasize that we are handling this situation seriously and taking full responsibility to find the best solution," said Lim, Wednesday (28/2).

He also said, "We are trying to ensure that the entire process of saving Investree Indonesia's operations runs at full speed, for the sake of the people stakeholders. "

Lim is the CEO of Investree Philippines. He has joined Investree since 2019. Investree Philippines This is Investree's second expansion, after Thailand, which started in early 2019. In Thailand, Investree uses the eLoan brand and collaborates with local partners.

To gain public trust, Lim said that Investree continues to open communication channels for lenders via official email. For stakeholder Others, including outside parties who claim to be affiliated with Investree, can also submit complaints via a special page prepared by the company for data collection.

“For the Actioncalendar nor stakeholders If you feel you are involved with other companies/individuals who claim to be affiliated, subsidiaries, subsidiary companies, with Investree, we urge you to report and collect data. This complaint registration link can be accessed at https://bit.ly/PelaporanInvestree," concluded Lim.

Other Investree complaint channels, starting from telephone line 1500886, Whatsapp CS, Whatsapp specifically for VIP Lenders, and Direct Message Instagram are still temporarily closed.

For information, Investree's TKB90 on February 28 2024 was 83,56%, which has not changed since January 2024. This means that the percentage of non-performing loans or default rate or TWP has now reached 16,44%.

Continue to be monitored by regulators

Separately quote Infobank, Chief Executive Supervisor of Financing Institutions, Venture Capital Companies, Microfinance Institutions and Other Financial Services Institutions (PVML) OJK, Agusman explained that currently his party is still conducting and monitoring Investree. There are two approaches that OJK took in handling this case.

First, in the form of supervision in nature off site which relies on analysis of reports submitted by organizers to OJK. The second approach takes the form of onsite supervision or directly to the company.

More Coverage:

This supervision, according to Agusman, is, among other things, to ensure the veracity of reports and to carry out investigations if there are allegations of violations committed by them. He ensured that the OJK would ensure that the investigation was carried out thoroughly and looked at from various points of view.

The investigation into this case will take time to complete, because the OJK is still collecting evidence. One of them is public complaints.

“We are collecting evidence such as documents and others. There are also lots of complaints from the public. We will see carefully whether there are non-technical factors such as fraud or others, and ensure what the follow-up will be," he said.

Application Information Will Show Up Here
Are you sure to continue this transaction?
processing your transactions....
Transaction Failed
try Again

Sign up for our

Subscribe Newsletter
Are you sure to continue this transaction?
processing your transactions....
Transaction Failed
try Again