Paper.id cooperates with Bank Jago to optimize the business funding of its users.
Jakarta, TechnoBusiness ID (English Edition) • PT Pakar Global Digital, the manager of the invoicing, payment, and financing platform Paper.id based in Jakarta, today announced a strategic partnership with PT Bank Jago Tbk. (IDX: ARTO).
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The two companies agreed to increase funding distribution to business actors in the country, especially distributors and retailers in the fast moving consumer goods (FMCG) industry.
According to Jeremy Limman, CEO and co-founder of Paper.id, the collaboration with Bank Jago will make it easier for business actors to access digital-based funding with a small margin level.
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“Paper.id’s collaboration with Bank Jago allows distributors to obtain early disbursement of funds,” said Jeremy. “Meanwhile, for grocery stores, they get an additional payment due.”
Unfortunately, Paper.id and Bank Jago did not mention how much the business funding commitment will be disbursed. However, this cooperation will strengthen the financial support that can be disbursed.
Previously, Paper.id had also collaborated with other fintechs such as Modalku, Investree, Koinworks, and Alami with a total disbursement of business funding reaching Rp100 billion as of last March.
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Since its establishment in 2016 until now, Paper.id has issued around 2 million collection documents worth Rp. 15 trillion which were registered by more than 250,000 business actors.
Jeffrey Bahar, Group Deputy CEO of Spire Research and Consulting, assessed that an invoicing, payment and financing platform such as Paper.id is indeed quite prospective in this developing market.
“In addition to being quite large in number, the majority of micro, small, and medium enterprises have not managed their finances professionally, so it is a big opportunity for Paper.id,” he said.
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In order to target the broadest market, continued Jeffrey, Paper.id must indeed cooperate with other financial institutions that are able to back up the business funding it disburses.
Interestingly, as an invoicing platform, Paper.id can see the financial performance of business users so that they are eligible for funding or not.•
—Purjono Agus Suhendro, TechnoBusiness ID • Photo: Paper.id
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