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Mandiri Capital Indonesia, the corporate venture arm of Jakarta-headquartered financial services company Bank Mandiri, has collaborated with Indonesian commercial banking company Bank Tabungan Negara (BTN) to form a new fund.
The investment vehicle, dubbed BTN Fund, will invest in startups in the property and real estate industries to boost the housing sector in Indonesia. The fund will also invest in startups that are in line with BTN’s businesses such as fintech, open finance and SaaS.
Mandiri Capital Indonesia will act as manager of the BTN Fund. The collaboration will also help BTN in advancing the digital-based housing ecosystem and increase its capacity in the housing sector.
Founded in 2015, Mandiri Capital Indonesia invests in startups operating in the fintech sector in Southeast Asia. The firm has 26 companies in its portfolio and has invested in more than 50 startups.
“The formation of BTN Fund is expected to create demand, expand market share, and open a new segment for Bank BTN in providing end-to-end solutions in the housing sector,” said Setiyo Wibowo, BTN’s risk management director, in a press release.