Educational Fintech Lending Startup, Dana Cita, Prepares for Expansion to the Philippines

Cita Fund as focused on facilitating education financing reportedly is finalizing its expansion plans to the Philippines. From news previously circulated, Dana Cita will carry brand under the name "Bukas" (in Filipino it means "open" or "tomorrow"). The Bukas site can now be accessed via https://bukas.ph.

Regarding this expansion, Cita Fund Co-Founder Susli Lie has confirmed to DailySocial, although still reluctant to give details.

This expansion was carried out after the startup founded by Susli Lie and Naga Tan gained impressive traction in Indonesia. As of March 2018, they have disbursed education loan funds worth two billion Rupiah. In business, the Cita Fund is currently supported by advanced funding with Patamar Capital investors. Previously they received seed round from Y Combinator.

Since 2018, Dana Cita has obtained a supervisory permit from the OJK. Since then, this Jakarta-based startup has continued to acquire users in various ways, one of which is through regular outreach events to academic institutions. The loan has a relatively long tenor of up to 72 months, with interest ranging from 1 to 1,75% per month.

Previously, the Cita Fund has also established strategic cooperation with Gojek. Such cooperation allows members of the ecosystem Gojek access education financing services from the Cita Fund. Both are now both struggling to explore the Philippine market -- even though Gojek get post wedge moratorium online transportation service licensing.