Modalku Launches Android Application and Expands to Bandung

Peer-to-peer (P2P) lending service Modalku announced the availability of an Android application and its expansion to serve SMEs in Bandung. Modalku says it has funded more than 125 SMEs with a total value of 62 billion Rupiah. Modalku, which introduced a new logo earlier this year, hopes to revolutionize lending to SMEs.

The launch of this mobile application could be the first among P2P lending service providers in Indonesia. Entitled "Modalku Dana Fast", they promise to disburse in just 10 minutes.

my capital is a P2P lending service that focuses on helping SMEs with loan capital of up to 2 billion Rupiah with a tenor of up to 24 months.

Reynold Wijaya, Co-Founder and CEO of Modalku, said in his release, “We are grateful that Modalku started 2017 strongly. We have facilitated loans to more than 125 SMEs with a loan amount of more than IDR 62 billion, while maintaining a non-performing loan rate of 0%. Meanwhile, Modalku lenders get attractive rates of return above deposit or bond interest.”

Its expansion in Bandung was marked by the opening of a representative office to expand the reach of business capital lending. The company hopes to establish representative offices in other cities to accelerate its efforts to help SMEs in Indonesia. my capital mid last year has secured IDR 100 billion in funding led by Sequoia India.