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Jakarta Post

P2P lender Modalku to fund social commerce

  • Eisya A. Eloksari


Jakarta   /   Tue, August 4 2020   /  01:00 am
Illustration of financial technology (fintech).(Shutterstock/File)

Peer-to-peer lender Modalku plans to expand its funding portfolio to include social commerce amid the rising usage of e-commerce and messaging platforms by small and medium enterprises (SMEs) during the pandemic. Cofounder and COO Iwan Kurniawan said that Modalku aimed to reach “tens of thousands” of online sellers but would remain selective in the industries it chose to fund. “We want to support SMEs that have recently gone online or whose online businesses have grown during the pandemic,” he said during a press briefing on Wednesday. “We see an opportunity to fund online SMEs such as those in the health sector, fast-moving consumer goods and ICT [information and communications technology].” The company’s recent survey of 200 SMEs showed that online sellers were using instant messaging and e-commerce as sale platforms. As many as 77....