Through its Deposito BPR platform, Komunal digitizes rural banks, often known as BPRs (Bank Perkreditan Rakyat).
Komunal, founded in 2019, goes where its consumers are to connect with them in Indonesia to digitalize rural banks. More than 220 banks in Tier 2 and Tier 3 cities dispersed across 19 provinces are partners with this fintech startup.
The recent $8.5 million funding was led by East Ventures Growth Fund, with participation from AlphaTrio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora and Gobi Partners.
“It was very fulfilling to see how digitalization has helped our rural bank partners to thrive during the pandemic recovery period and enabled our loyal users to access attractive deposit and loan products digitally,”
said Hendry Lieviant, Chief Executive Officer of Komunal.
“As the early supporter of Komunal, we have witnessed the growth and many achievements of Komunal. We believe in the resilience and innovation that Hendry and the team have and will continue to present, which will further accelerate digitalization in the financial sector. We are excited to continue seeing Komunal’s contribution in realizing financial inclusion for Indonesians,”
said Willson Cuaca, Co-Founder and Managing Partner of East Ventures.
The business claims that in 2022, its platform provided deposits and loans of IDR 3.6 billion, or approximately $230 million USD, to BPRs and MSMEs. This is a 350% increase from $50 million in 2021. By this time next year, it anticipates a transaction volume of more than $500 million USD, and it has been generating positive EBITDA since October 2022.
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