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Komunal bags $2.1m in series A funding
East Ventures and Skystar Capital led the second funding round for the Indonesian fintech start-up, which wants to help rural banks source funds from depositors throughout the country.
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Fintech company Komunal cofounders Rico Tedyono (left), Hendry Lieviant (middle) and Kendrick Winoto. (Courtesy of Komunal/-)
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omunal, Indonesia’s first fintech company to offer digital rural banking services, has received US$2.1 million in a series A funding round led by East Ventures and Skystar Capital, both of which also backed the company in the seed funding round.
Komunal cofounder Hendry Lieviant said the fresh capital would be used to develop Komunal’s latest product, DepositoBPR, a beta version of which was launched in August.
The platform has been approved by the Financial Services Authority (OJK) as a funding agent in Indonesia, making it the first of its kind to be registered by the regulatory body.
“We believe a strong partnership between funding agents and rural banks will boost financial inclusion in Indonesia,” Hendry said in a statement on Tuesday.
A funding agent in the OJK’s digital financial innovation (IKD) ecosystem aims to provide a platform to connect depositors and savers with rural banks (BPR) throughout Indonesia.
Once the digital ecosystem is fully operational, BPRs can source deposits anywhere in the country without having to incur the cost of developing their operational and marketing infrastructure to attract more deposits by using the DepositoBPR platform.
Read also: Rural banks must go digital to survive, insiders say
