Launching consumer loan service, Akseleran plans to continue on fundraising to hit its IDR100B (US$7.1M)
Akseleran, the P2P lending platform based in Indonesia, announces that it has raised a US$8.6 million in Series A funding led by Beenext, as reported by Tech In Asia.
Joining the round are investors include Access Ventures, Agaeti Venture Capital, Ahabe Group, and Central Capital Ventura, the corporate venture capital arm of Bank BCA.
Akseleran states that it will use the new funds to focus on scaling up the team, technology, and penetrating the underserved Indonesian market.
“We will keep developing tailor-made loan products that suit the needs of SMEs. We want to open more access for everyone to lend to and support the SMEs and get a higher return of investment through a safe and efficient platform,” said Ivan Tambunan, the CEO and co-founder of Akseleran.
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Akseleran was first established in 2017 as the equity crowdfunding platform. It claims to have disbursed more than US$71.4 million worth of loans to over 2,000 SMEs.
It raised US$8.5 million in a Series A funding round September last year, but no further details were revealed until it received a license approval from the financial services authority of Indonesia, or known as Otoritas Jasa Keuangan (OJK) in December 2019 to provide lending services.
Throughout 2018, Akseleran had channelled a total of IDR210 billion (US$15 million) of loan. By the end of 2019, the company aims to channel up to IDR1.2 trillion (US$85 million).
At the moment the company owns four lending products for businesses: Invoice financing (which contributed to a total of 85 per cent of loan on the platform), inventory financing, capital expenditure, and online merchant financing.
As a P2P lending service, Akseleran claimed to have been able to curb non-performing loan (NPL) rate to 0.5 per cent. The company was able to achieve this number by focussing on mid-size businesses such as oil and gas, retail, and construction.
Teruhide Sato, the managing partner of Beenext, further noted that the majority of SMEs in Indonesia are still underserved by conventional lending providers, excluded from the growth and its benefits without the access to the financial services.
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Image Credit: Akseleran
The post Beenext leads US$8.6M Series A in P2P lender Akseleran to develop tailored-loan for SMEs appeared first on e27.