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Mortgage tech start-up Ringkas gets $3.5m in seed funding
Indonesian mortgage tech start-up Ringkas gets early-stage investment from domestic and foreign venture capital firms.
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Ringkas cofounders (left to right) Ilya Kravtsov, Antonius Puguh Widyoko, Leroy Pinto and Yoko Simon pose for an undated handout photograph. (Ringkas/-)
An Indonesian mortgage tech start-up has secured US$3.5 million in funding from domestic and foreign venture capital firms.
The seed investment was co-led by Indonesia’s East Ventures and United States-based Crestone Venture Capital, as announced in a press statement released by the start-up on Wednesday.
US-based 500 Global, Indonesia’s VC Teja Ventures, Orvel Ventures, Hustle Fund and others participated in the early-stage funding round.
“With the strong track record, we believe [Ringkas’] innovative solutions will enable a more convenient and efficient process of home ownership for millions of Indonesians,” said East Ventures partner Avina Sugiarto, as per the press statement.
After securing this funding, Ringkas cofounder Ilya Kravtsov said the company was aiming to channel $200 million worth of mortgage transactions through the platform within one year.
"This latest funding round will also accelerate the adoption of Ringkas technology in unserved regions throughout Indonesia," he said, adding that the start-up was looking to launch more than 100 projects in 34 cities of the archipelago.
Ringkas offers services in a field called mortgage tech, which utilizes digital technology in an effort to make mortgage lending more efficient or accessible by simplifying processes and helping banks assess clients’ credit worthiness.
