Banking firms Bank Ragyat Indonesia (BRI), Mitsubishi UFJ Financial Group (MUFG), 9F Group and SBI Holdings have contributed $23.5m for the first tranche of Indonesia-based lending marketplace Investree’s series C round.
BRI and MUFG co-led the round through respective venture capital arms, BRI Ventures and MUFG Innovation Partners, while 9F Group and SBI invested directly.
Founded in 2015, Investree has developed an online peer-to-peer lending platform aimed at small-to-medium enterprises (SMEs). It hosts both conventional and sharia-compliant financial systems, the latter representing an emerging banking practice for Muslim-majority Indonesia.
The funding will be used to enhance Investree’s existing services and help expand its presence in Southeast Asian countries including the Philippines and Thailand. Co-founder and CEO Adrian Gunadi said the cash will also support Indonesia-based SMEs impacted by the Covid-19 pandemic.
The company had previously raised an undisclosed amount in a mid-2018 series B round led by SBI, which invested alongside 9F Group, financial services firm Bank Mandiri’s Mandiri Capital Indonesia unit, Persada Capital, Endeavor Catalyst and existing backer Kejora Ventures.
