7 Fintech startups from Indonesia to watch in 2022
In Southeast Asia, Indonesia is fast becoming a fintech powerhouse as investors continue to pump money into young, innovative startups looking to tap into the country’s huge underbanked population.
According to a report by UOB, PwC Singapore and the Singapore Fintech Association.
With 785 fintech companies, Indonesia has the second largest fintech industry in the region. 94 of these companies were established in the country between the end of 2019 and 2021, showcasing Indonesia’s vibrant startup ecosystem.
Among these companies, we have selected seven early-stage fintech startups to watch closely this year. These startups were all founded within the past two years but are already making waves, having secured funding from top-tier investors and seeing strong customer growth in 2021.
UpBanx develops a fintech platform for creators, brands, freelancers and agencies, to help them manage their money, funding, develop business partnerships, launch digital assets and raise investments.
The startup aims to tap into the booming Indonesian marketing and influencer market, driven by the growth of social media combined with the time spent by Indonesians on online media.
UpBanx has yet to launch its platform, but the startup, which was founded last year, already firm a $5.2 million pre-seed round that it plans to use to accelerate its product development and business growth.
Founded in 2021, Finku is a personal finance platform that allows users to create a single view of their finances from over 20 banks, investment platforms and e-wallets. It claims to offer the most comprehensive account integrations and personal finance tools in Indonesia.
The app leverages artificial intelligence (AI) and machine learning (ML) to automatically categorize transactions and measure users’ financial well-being. It includes features like charts and reports, invoice and subscription management, and budget management.
Finku, who works to improve financial literacy in Indonesia, raised an undisclosed pre-seed funding round from Global Founders Capital and 500 Startups last year to enter the digital accounting service.
Founded in late 2021, Monit is a business-to-business (B2B) fintech startup that provides an all-in-one expense management platform, helping small and medium-sized enterprises (SMEs) manage their finances, pay bills, manage reimbursements and disbursements and issue corporate credit cards.
Monit began onboarding customers in January 2022 and has already partnered with Visa, Mastercard and CIMB Niaga to provide corporate cards for businesses.
The startup secured funding from 1982 Ventures and Init 6 earlier this year. It plans to launch new products, including a true card offering, as well as a cash product that would allow SMEs to get a return on investment from their idle cash.
Created in 2020, Sribuu, formerly known as Chat Alia, is a financial app featuring AI-powered financial analytics tools designed to help users spend smarter and build their savings habits.
The app automatically tracks the amount of money coming in and out of a user’s accounts at major banks and e-wallet services, recording and analyzing their spending. The app also gives them personalized recommendations based on their financial habits.
Sribuu said in September 2021 that it had over 45,000 users and had analyzed transactions worth 2.3 trillion rupees (about $161.4 million). This represents a 36x user growth of its customer base since launching the beta version of its app in early 2021. The company firm an undisclosed pre-seed funding round conducted by Beenext last year to improve its services and fuel its growth.
Founded in 2020, The Brick creates financial APIs for fintech products, focusing on simplifying the processing of end-user financial data from a variety of sources, including telcos, e-wallets, e-commerce and mobile devices. great apps.
The Brick’s more than 25 data partners include some of Indonesia’s largest banks, and the company claims more than 50 paying customers, nearly one million consumers, and more than 13 million API calls per month. It says it covers almost all financial data in Indonesia (99.98%) and plans to expand to Singapore and the Philippines in the near future before eventually covering all Southeast Asian markets.
Brick firm seed funding of $8.5 million last month, which it said it is using to build its presence in Indonesia and fund its regional expansion plans.
Founded in 2020, GajiGesa is a financial wellness app that provides member employees with access to Earned Wages (EWA), financial education, and other money management tools to help improve their long-term financial health.
GajiGesa’s EWA product is aimed at unbanked workers, allowing users to withdraw their wages immediately and protecting them from predatory lenders. For employer partners, GajiGesa provides an employee management solution application called GajiTim that allows them to manage a wide range of workforce administrative tasks, including part-time and full-time employees and workers on demand. The solution claims more than 200,000 users.
GajiGesa claims to have worked with more than 120 companies across a wide range of sectors, including factories, plantations, manufacturing, retail, restaurants, hospitals and technology companies. Last year, the startup raised a total of US$9.1 million in two rounds to further develop its products, expand across Indonesia and enter new Southeast Asian markets.
Founded in 2020, Finantier is an open finance startup, offering an API and infrastructure. The solution enables financial institutions to access and analyze consumer financial data, and create innovative fintech products.
The company currently operates in Singapore and Indonesia and claims to work with over 150 companies, giving customers access to a full range of datasets.
In June 2021, Finantier raised an undisclosed 7-figure sum in a seed funding round led by Global Founders Capital and East Ventures, which it said it would use to expand its team, boost its technology owner and expand into other emerging markets.