“A lot of SMEs need easier and faster access to financing. They don’t only need capital but they need partners to grow as well,” Batumbu CEO and cofounder Sonny Christian Joseph said in Jakarta on Tuesday.

“Only 61 percent of these SMEs have received financing from banking. The rest got their money from families, friends or even loan sharks. We want to help provide productive lending to these small-scale businesses.”

As a peer-to-peer lending platform, Batumbu was officially registered with the Financial Services Authority (OJK) on Monday.

The fintech company has so far partnered with three companies from three different sectors, namely oil palm, garments and logistics, and boasts an ecosystem with more than 1,000 customers.

Sonny said the company aimed to connect with eight to 10 new partners.

He also revealed that Batumbu’s shareholders were Singapore’s Validus Capital Pte Ltd, Singapore’s largest peer-to-peer lending firm, as well as Triputra Group, which is owned by tycoon TP Rahmat, and whose business core includes mining, manufacturing and agribusiness.

He said that several companies have shown an interest in funding Batumbu.

The platform’s official launch is slated for after the Idul Fitri holidays this year. (yan/bbn)

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