UpBanx Debuts, Take Advantage of People's Capital "P2P Lending" License

fintech platforms UpBanx began to open up to the public, after going through stealth mode for almost a year of operation. The company utilizes Modal Rakyat's p2p lending license to develop a digital banking platform for creators and brand.

To DailySocial.id, CEO of UpBanx Wafa Taftazani explaining the plan to utilize the People's Capital license, of course there are advantages and disadvantages. The added value offered is when the distribution of funds to borrowers is in accordance with the standards set by the OJK. Even in terms of risk, it is already minimal because P2P partners in Modal Rakyat have very good qualifications when conducting a borrower feasibility analysis.

“Minus, because UpBanx doesn't provide direct financing, we don't have approval, even though according to our team potential leads. UpBanx must keep up approval from P2P," he said.

Another thing that is also a concern about the lack of utilizing a P2P lending license is the nominal loan amount which is set at a maximum of IDR 2 billion, according to OJK regulations. Even so, according to Wafa, UpBanx will always try to find ways, for example by collaborating with other P2P so that borrowers who need more funds can still be accommodated.

Previously, there was news that UpBanx would utilize the BPR Sentral Mandiri license and be supported by Fazz Financial's fintech ecosystem. Wafa also denied that the plan to use the People's Capital license had existed from the start. "There is no shift in focus, the plan for cooperation with People's Capital has been there from the start."

UpBanx itself was born from a discussion by Wafa with Hendra Kwik (CEO of Fazz Financial) who advised him to combine all his experiences in managing brands [from Shopee], creators [from YouTube], and fintech [from Modal Rakyat] into one.

UpBanx was launched with the hope of solving the pain points related to financing that creators often face. In addition, we want to provide a platform for this ecosystem to be able to collaborate with each other, up to optimizing crypto assets and NFT for their monetization. UpBanx joins Y Combinator batch Winter 2022.

"Initially there was no serious intention very here. On a whim to register YC [Y Combinator], it turned out to be in. Once you enter, you can no longer play around because you are required to sign a number of legal documents, including one of them resign from the old office to full time in this new startup. I'm very grateful for the attention from investors that finally closed the funding yesterday," added Wafa separately in a joint interview DailySocial.id some time ago.

Explained further, good user experience brand and creators will be fully catered for in one app. They will be met with other parties, such as buying and selling transactions or in the case of financing. When a user registers and submits a financing application, the UpBanx team will immediately follow up by exploring the needs of customers brand/creator itself so that UpBanx's solution can be more targeted.

"So brand and creators like to have advisor itself, related to financing needs and other products available at UpBanx. The hope is that it will be more appropriate to obtain financing solutions and creator side. Then we got information from several prospective debtors who had difficulty submitting directly to P2P and then did not receive any information.follow up. "

Apart from providing financial solutions, UpBanx will also facilitate seamless collaboration between creators and brand. In the near future, the company will act as a Web3 launch platform for creators and brand, to increase engagement with fans in new, innovative ways.

In its development, UpBanx has been supported by a range of investors and angel investors. The names are Y Combinator, Alpha JWC Ventures, Alto Partners Multi-Family Office, Number Capital, UBI Capital, Raffi Ahmad and Nagita Slavina, Collab Asia creator network and DRM (Digital Chain Maya), and a number of well-known angel investors. Among these angel investors are Melvin Hade (GFC Partner), Hendra Kwik (CEO of Fazz Financial), Hendoko Kwik (CEO of Modal Rakyat), Budi Handoko (CEO of Shipper), and Arya Setiadharma (CEO of Prasetia Dwidharma).

Currently the UpBanx application can be downloaded on the Play Store and is in the testing for the App Store. The waiting list for users has been opened before it finally officially launched to the public.