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OJK permit in hand, TaniFund aims to double loan disbursements
Chief strategy officer Natalia Rialucky “Ria” Marsudi said the license would make the company “more confident” in partnering with state-owned enterprises (SOE), region-owned enterprises (BUMD) and other fintech companies to acquire more farmers.
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T
aniFund, the fintech arm of top Indonesian agriculture technology start-up TaniHub, aims to almost double loan disbursements to Rp 700 billion (US$48.5 million) over the next few years after receiving a peer-to-peer (P2P) lending license from the Financial Services Authority (OJK).
TaniHub chief strategy officer Natalia Rialucky “Ria” Marsudi said the license would make the company “more confident” in partnering with state-owned enterprises (SOE), region-owned enterprises (BUMD) and other fintech companies to recruit more farmers.
TaniFund said it had disbursed Rp 326.9 billion in funding from around 15,000 lenders to more than 4,000 borrowers since its establishment in 2017. Most of the borrowers come from Java and Bali islands.
Read also: TaniHub Group plans expansion outside Java, Bali
“With this license, we can also expand to new areas in both western and eastern Indonesia,” Ria said during an online press briefing on Wednesday.
She went on to say that TaniFund planned to recruit 1 million farmers and food and small beverage-related businesses. The company will acquire new users through online solutions, product innovation and strategic partnerships.
TaniFund recently launched a micro-lending product that would allow users to borrow Rp 3 million to Rp 10 million, instead of the usual range of Rp 100 million to Rp 2 billion.
TaniFund is the first agriculture-focused P2P lender to receive an OJK license. In total, the OJK has granted licenses to 68 P2P lending firms.
TaniFund is one of three business units under TaniHub Group, aside from the namesake online groceries marketplace TaniHub and supply chain service unit TaniSupply.
“As part of TaniHub Group, TaniFund is expected to increase its contribution to our business,” TaniHub Group CEO Pamitra “Eka” Wineka said in a press statement on Aug. 20.
TaniHub announced in May that it had received $69.5 funding in its series B round. The latest investment brought TaniHub’s total funding to $94.5 million, following an extended Series A funding round in 2020 that raised $17 million.
Read also: TaniHub bags $70m Series B, aims to expand supply chain
Eka said in January that TaniHub Group’s business had grown a whopping 639 percent in 2020 because of increasing demand in e-groceries amid the COVID-19 pandemic.
