1. Startups

UangTeman Tengah Completes Series B Funding Worth 143 Billion Rupiah, Prepares for Expansion and Acquisition

Half completed in the B1 series stage, the continuation of the B2 series is targeted for completion in October 2019

Technology companies engaged in financial technology MoneyFriend announced that it has closed its first round of Series B funding -- they call it Series B1. New investors at this stage include the KDDI Open Innovation Fund and the Global Brain Corporation. Several previous investors were also said to be involved, but details were not disclosed.

They also informed that the second round of series B funding (called series B2) is targeted for completion in October 2019. In the second round, Spiral Ventures will lead the funding. The total targeted for this B series is $10 million or 143 billion Rupiah.

Commenting on this, the CEO of Spiral Ventures, Yuji Horiguchi, said that through this participation, his party is trying as much as possible to use their experience and expertise to support the growth of UangTeman's business.

"In Indonesia itself, the online loan industry has proven to be part of the social infrastructure. By following the growth of UangTeman, we can better understand and contribute further in supporting and building the social infrastructure that is really needed for small business owners in Indonesia," Yuji said.

Acquisition, diversification and expansion

MoneyFriend has managed to get an official permit from the Financial Services Authority (OJK) in May 2019, after going through a series of thorough audit processes. Furthermore, with this momentum, the company plans to diversify its products. To be precise, it will be an online loan that focuses on productive micro-businesses.

This diversification will be achieved by acquiring one of the other online loan companies that have also been registered with the OJK. No name has been mentioned yet, there is only a core description of the product covering invoice financing and funding payroll. The company's action is targeted to be completed and announced in September 2019.

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In addition, UangTeman is also preparing strategic steps to carry out expansion to the Philippines. They are currently in the stage of taking care of the licensing process from the local financial services regulator. To increase penetration in Southeast Asia, series C funding is also planned in 2020.

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