5 September, 2017
Leon Yee, Chairman, Managing Director and Global Head of Corporate of Duane Morris & Selvam LLP, together with Senior Associate Derrick Boo, recently advised UangTeman (PT Digital Alpha Indonesia) on equity and debt fundraising of US$12 million in its Series A fundraising from new and existing investors. The round was co-led by K2 Venture Capital Ltd, Enspire Capital and UangTeman’s first institutional investor, Alpha JWC Ventures.
UangTeman CEO Aidil Zulkifli said, “UangTeman has made an impact on Indonesia’s financial technology industry since its launch in April 2015 with its first Series A, which was four times oversubscribed. It is the first and only digital lender in Indonesia providing short-term unsecured microloans in more than 14 cities throughout the country including Bali, Bandung, Jambi and Surabaya. With further support of debt financing from STI Financial Group, a Hong Kong-based asset management company, we satisfy the lending capital requirements in Indonesia and I expect our company to grow considerably in the near future.
As the most promising new player in Indonesia’s untapped market of large unbanked and underbanked population, we provide safe and transparent loans of up to US$350 to Indonesian consumers at a maximum of 30 days tenor. We are also planning to open a Data Science & Analytics Centre in Singapore and India to conduct research on lending analytics and credit risk algorithms.
The success of UangTeman’s fundraising is regarded as an indication of the growth of the emerging fintech space in Indonesia, which is increasing to satisfy the demand from its population for new technological solutions.”
“Our involvement in this deal further cements our strong reputation as a leading law firm in the venture capital space. We are thrilled to be working for UangTeman, which has such a diverse and well-respected investor base,” said Yee. “Under Aidil’s strong leadership, I believe UangTeman will grow rapidly as he has developed a unique platform and business model to address one of the fastest growing loan markets in Asia.”
