Financial technology (fintech) platform PT Investree Radhika Jaya has announced that its plans to expand its market to Thailand and the Philippines through joint ventures are heading in the right direction despite the continuing Covid-19 epidemic.
Investree co-founder and CEO Adrian Gunadi said Wednesday that the corporate expects to finish the expansion by the second or third quarter of this yr.
“We are within the means of obtaining a license within the Philippines, while in Thailand we’re in the ultimate stages. So there is no such thing as a change of plans,” he told the press during a video conference.
He further said that the licensing process within the Philippines may take longer than planned consequently of the nationwide lockdown imposed on March 16 to curb the Covid-19 epidemic. However, Adrian expressed optimism that it might be accomplished by September.
He added that the expansion is feasible because of the primary tranche of Series C financing value USD 23.5 million, which the corporate closed in mid-March. The funds can even be allocated to the event of Investree’s activities in Indonesia, including: in the world of e-shopping and electronic invoicing.
The investment was led by MUIP, an organization owned by Japan’s Mitsubishi UFJ Financial Group (MUFG) and Indonesia’s BRI Ventures.
“We are also in talks with other potential investors, so we can expect a higher value,” Adrian said.
He added that the peer-to-peer (P2P) lending company exceeded its first-quarter loan disbursement goal to 104 percent. The company has disbursed loans value 588 billion rupees ($36.24 million) to date this yr.
He also predicted a rise in working capital for small and medium-sized enterprises (SMEs), especially from suppliers providing essential items akin to hospital beds and gloves, adding that the corporate will give attention to financing SMEs within the healthcare industry within the second quarter of this yr.
“I believe Investree can demonstrate resilience during this pandemic because we are well capitalized,” he said.
Previously, Investree partnered with private lender PT Bank Danamon Indonesia to enable SMEs to take out loans starting from Rp 200 million to Rp 2 billion.
P2P platforms contributed Rp 60 trillion to the country’s GDP as of June 2019, mainly through SMEs, in response to a study by think tank Institute of Economics and Finance Development (Indef) and the Indonesian Fintech Lenders Association (AFPI).
Source : Inquirer | Asian News Network
