List of Fintech Startups in Indonesia

The financial technology sector or generally referred to as fintech, has become one of the most widely developed startups in the country today. The potential is extraordinary, because the functionality of a financial service generally drives the financial sector. Currently in Indonesia, the forms are very diverse, ranging from P2P (Peer-to-Peer) Lending services, e-money, debt service payment gateway and various others.

DailySocial tries to list startups in this category, which have been around for a long time and have recently launched their products. Here is a list of startups fintech in Indonesia in the DailySocial database:

Amartha

Amartha is a microfinance institution that has been established since 2010. Responding to the growing stretch of digital consumers, since 2015 they have tried to digitize their business. Through PT Amartha Mikro Fintek, this digital service provides P2P Lending Platform services with specific targets for driving the inclusive economy (MSMEs).

Amartha try to be a bridge between people who own capital as investors and people who need business financing. For this reason, the startup founded by Andi Taufan Garuda Putera calls itself a P2P Lending Marketplace. Currently, there have been tens of thousands of transactions that have been processed by Amartha, and as of June 2016, Amartha informed DailySocial that it has recorded Rp 37 billion in funds, with a non-performing loan ratio of 0%.

Cashlez

Founded by Teddy Setiawan Tee, Cashlez provides mPOS (Mobile Point of Sales) devices that make it easy for users (in this case the owner merchant and consumers) to conduct financial transactions through smartphone. Established since 2015, Cashlez presents products dongle mPOS that can be owned and used by service providers to get processing transactions through the consumer's mobile phone that is connected through the connection bluetooth in the payment process.

CheckAja

CheckAja is a web portal that provides a comparison of various financial products in Indonesia. Starting from savings, various credit products, sharia products, insurance products, for individuals and SMEs. Founded by JP Ellis, this startup that has been around since 2014 claims to have have the greatest traction users for similar services in the country.

This is evidenced by CekAja's steady expansion into the Philippines with the eCompareMo product. As of 2015 the average unique visit to the site reached 2 million users. Recently it also started widen the scope of business by presenting insurance sales services online.

Pay attention

Still about the financial product comparison site, Pay attention also became one of the startups that helped enliven the competition in the service landscape. The difference is Pay attention to focusing on targeting tech-savvy users, aka people who are already familiar with digital services.

Cermati was launched at the end of 2014. Dari user data that have been compiled, currently the average Cermati service user is a productive age group of 20 - 40 years which is in the stage of financial maturation. Generally they are used to smartphone and social media-style digital services, E-commerce or on-demand.

DavestPay

This startup from Makassar provides digital services for B2C (Business to Consumer) segmentation. DevestPay make it easy for consumers (general public) to pay various types of bills and pay online services (such as E-commerce) through smartphone. All payment transactions at DavestPay are done online. Users can fill in the deposit balance which can then be used for transactions.

DavestPay has variety of features payments in one application, such as electricity payments (prepaid, post-paid, non-tagged), BPJS contributions, PDAM bills, telephone bills, internet bills, TV subscriptions, vehicle installment payments, credit purchases, airline tickets, voucher hotel, until game vouchers. In the future they will also have transfer and loan features.

DIMO

Driven by the low penetration of banking products in the community, especially credit cards, and high ownership smartphone in Indonesia, DIMO (formerly FLASHiZ Indonesia) launched to present quite unique service for category mobile payment, namely Pay by QR. Pay by QR is a payment method that can be used by users smartphone through various sources (banks, telcos, e-wallets) at any merchant that is already a partner of Pay by QR. Pay by QR is now available for download on iOS and Android platforms. Currently, Pay by QR supports the Dompetku, Uangku, Simobi, and Zimplepay applications.

documentary

documentary has been established for seven years as an online payment platform provider for various digital services. Through its flagship service Doku Wallet, as of 2015 it has embraced more than 850 thousand users, with a total of merchant reached 17 thousand. Until now Doku Wallet is still dominated e-commerce payments by most users.

The types of transactions that are often used include money transfers among Doku Wallet users, payments or routine purchases such as: voucher credit, payment of insurance premiums, BPJS and purchase of promo programs from merchant partnership with Doku through Doku Wallet, content purchases online games, daily needs at Alfa Online, travel needs such as purchasing tickets at Ezytravel, Citilink, KAI and others.

Healthy Wallet

Healthy Wallet provides online services for financial management services for daily needs. This service helps personal users in managing various things, ranging from savings, wallet contents, or other sources that can be adjusted to actual conditions. Budgets such as family meals, paying bills, transfers, etc. can be allocated the first time you use this service. Later, the user only needs to record the expenses made, then Dompet Sehat will automatically deduct the platform from the appropriate budget post.

Dompet Sehat can also find out the number of accounts in the user's savings if the user adds it by filling in login form as in service internet banking provided. Although it doesn't support many banks, at least BCA, BNI, and Mandiri bank customers can add data to their Dompet Sehat account.

The developer of the Healthy Wallet also had time to develop Veryfund, a service mobile devices offers the convenience of checking balances and also tracking financial transactions of various bank accounts owned by its users. But unfortunately until now Veryfund has no clarity, until this article is released on the website officialit can't be accessed either. It is said that the management team is in a vacuum.

Flip

Flip is a service in the form of virtual wallets which prioritizes the convenience of transfers between banks. One of excellence what is offered is no additional fees for transfers to any bank. Designed to perform transactions, as an anticipation of more security, Flip has prepared several security scenarios such as security at the application layer, transmission layer by utilizing SSL and security. two-step verification which can be used according to user requirements. Flip was developed by talented people who have also developed the Pushla donation application, namely Rafi Putra Arriyan (left), Luqman Sungkar (center), and Ginanjar Ibn Solikhin (right).

investree

This startup has a concept marketplace which will bring together investors (those who have funds) with borrowers. This startup fronted by Adrian Asharyanto Gunadi, Andi M Andries and Dickie Widjaja slide at the end of last year.

Jojonomics

Jojonomics is a startup that provides financial management services, both for individuals and for businesses (in Jojonomic Pro). Through the application with the approach social platforms, Jojonomic tries to provide convenience for users so that they have a more organized financial management.

Through the Jojonomic Pro version, the procedure Reimbursement in organizations/companies, it is enough to do this through photos and filling out forms in the mobile application. They claim the human resources department will save management time Reimbursement up to 70%.

Canopy

Canopy specializes in attending to help financial institutions in Indonesia by providing solutions for monitoring accounts and transactions equipped with technology mobile devices integrated and real-time. Kanopi also provides Android devices to staff of microfinance companies for registration and transactions which are claimed to be more secure and accurate. Canopy distribute smartphone Android for staff of microfinance institutions to make it easier for them to make transactions anywhere, including connecting them to the head office using the system developed by Kanopi.

my card

my card known as an Indonesian financial technology company specializing in payment solutions. As a provider of Third Party Processor (TPP) and Payment Service Provider (PSP), Kartuku provides solutions end-to-end that can be applied by partners in managing cashless readings through an electronic system.

kesles

Application membership which is already available on the Android platform, allows financial transactions to be carried out through scanning a QR Code. In addition to the ease of transacting, Kesles also offers a number of other benefits such as attractive offers from: merchant and also reward points obtained every time a transaction. From security aspect, Kesles guarantees that the level of security of their services is equivalent to mobile banking or mobile payment other.

Coinworks

KoinWorks is an online platform that provide loan scoring systems, payment systems, and technologies that provide a better experience for lenders and borrowers. This digital money lending service was initiated under the pretext of providing a simple alternative to financial services.

In addition, it also provides a choice in the midst of loan options from financial institutions that still set interest margins (Net Interest Margin) which is very high (when compared to other countries). Koinworks also implements a system fraud-check strict, and also create a special algorithm for credit analysis.

my capital

my capital is a P2P Lending platform that claims to be the first company with a business model in Indonesia to launch alternative business products from digital-based investments. With a similar concept like through crowdfunding, lenders can channel their funds and invest in SME companies that need funds.

ManageMoney

ManageMoney is an interactive web service that makes it easy for users to manage various types of financial activities. Starting from recording expenses, monitoring investment portfolios to conducting financial consultations for free. Founded by Api Perdana, this service has been around since 2010. financial records, the NgaturDuit system also guides its use in planning and monitoring budget realization. The expenditure categories are also highly adapted to the financial needs of users in Indonesia.

PayBill

pay bill provides online services for bill payments (including insurance bills, electricity, motorcycle installments, cars, PDAMs, to pay TV) and purchases voucher digital. Official startup launched at the beginning of the year This comes by offering users a new convenience and experience to carry out routine transactions. Paybill is currently also working with ATM Bersama as a technology partner for virtual account products or payment transfers.

BorrowDoku

BorrowDoku is a digital platform that can bridge between creditors and debtors. Startup fintech from Surabaya carries two approaches at once, B2C and B2B. For B2C, people who need multipurpose credit loans can fill in their personal data via the PinjemDoku platform. Next, the officer will come for the survey and check the completeness of the data. If you agree, the funds will be disbursed in a few days.

Meanwhile, for the B2B concept, PinjemDoku's marketing staff named Sahabat Doku will market the multipurpose installment product owned by MUF (PT Mandiri Utama Finance as a partner of PinjemDoku) to people who do not have internet access. Later, the submission process will be carried out at the counter owned by PinjemDoku and then processed to the MUF head office.

One Counter

One Counter is a startup from Yogyakarta that provides convenience for the community to accommodate daily payment activities. The product covers the purchase voucher mobile credit, online game vouchers, voucher electricity or token PLN, PAM bills, and so on.

Shiv App

Shiv work as an intermediary between someone who wants to transfer money and a potential recipient. Every transaction is done through Shiv's brokerage account. Later Shiv will send it to the recipient written down, although to a different account number. Benefits for users, there are no transfer fees for these needs. Currently limit transfers per user per day reached 2 million.

Taralite

Taraline is an online portal that provides credit services to its users. Taralite services also provide loans according to requirement specification, for example for educational needs, business loans, childbirth, or umrah. The capital for Taralite loans uses funds owned by the company and in collaboration with several banking partners.

In particular now Taralite has also partnered with Uber. This is to make it easier for users when they want to get a loan for buying a car that will be used by the business. Taralite teamed up with Uber to help candidates driver Both new and existing Uber (Uber Partners) have their own car.

MoneyFriend

MoneyFriend trying to provide solutions for people who are in need of loans or bailouts with a maximum amount of IDR 3,5 million and with a loan period of no more than 30 days. Because there is no collateral in this process, even though the loan is relatively easy, the interest given is arguably high. On the website, it is stated that the average loan interest is 1% per day. There are also a number of fees and fines imposed if the installments are not paid on time.

Veritrans

Veritrans also play in the sector payment gateway. So far, Veritrans offers several products for payment methods such as VT-Link, VT-Web, and VT-Web. One of the things that makes this Veritrans worthy to be reckoned with is the relationship cooperation which has been built with several well-known banks such as BNI, Mandiri, CIMB Niaga, BCA, BRI, and Permata Bank. Diversity payment channels which is owned by Veritrans is also an advantage of Veritrans.