,Indonesia

Indonesian fintech startup Komunal clinches $2.1m Series A funding

The company offers Neo-rural bank services locally.

Indonesian fintech startup Komunal has raised $2.1m in a Series A funding round led by East Ventures with participation from Skystar Capital.

Both investors also backed Komunal in its seed funding round.

Komunal plans to use the fresh capital to enhance its latest product DepositoBPR. Recently, DepositoBPR has been regulated under an official license from Financial Services Authority (OJK), making Komunal the first authorized funding agent in Indonesia. Funding Agent cluster under OJK Digital Financial Innovation aims to provide a platform to connect depositors or savers to financial institutions nationwide, especially BPR (Bank Perkreditan Rakyat or rural banks) which offer a very attractive funding product.

DepositoBPR enables societies nationwide to access the highest possible government guaranteed deposit rates from rural banks in any region without having to visit the bank. On the other hand, BPR can source deposits nationwide without incurring the hefty cost of opening additional branches and marketing effort to attract more deposits. In other words, BPR can source deposits regardless of the geographical boundaries and convert their higher fixed operating cost to lower variable fees to Komunal by using DepositoBPR platform

Currently, Komunal is working to launch Indonesia’s first e- bilyet BPR deposit by the end of 2021.

“The e-bilyet feature is rather revolutionary in the sense that, up to now, almost all BPR deposits are using physical bilyet/deposit certificate, which means BPR in Bali, for instance, will need to send the physical bilyet to its depositor in Jakarta and vice versa, incurring relatively high logistics cost in the process. The e-bilyet, which is created digitally, will effectively eliminate this friction and help our vision to make the product accessible nationwide,” Komunal co-founder Kendrick Winoto said.

Komunal has engaged with 60 BPRs across Java and Bali, and launched the beta version of DepositoBPR services in August 2021. The company focuses on doubling the BPR market share by offering a higher rate, as well as more seamless transactions to new and existing clients.
 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.