The Modalku Group managed to disburse loans to MSMEs worth Rp 24.6 trillion.

The Modalku Group has succeeded in disbursing loans to MSMEs throughout Southeast Asia worth IDR24.6 trillion.

Jakarta, TechnoBusiness ID (English Edition) Modalku Group, a fintech company in Southeast Asia based in Jakarta, today announced that it has disbursed loans of up to IDR 24.6 trillion to more than 4.6 million MSMEs in Indonesia, Malaysia, Singapore, and Thailand.

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During semester 1/2021 alone, Modalku Group managed to disburse loans amounting to Rp4.2 trillion. This means that the funds disbursed during the semester were 60% larger than the same period last year.

According to Modalku co-founder and COO Iwan Kurniawan, the most funded MSMEs come from the trade sector, both wholesale and retail, including online businesses, with a percentage of 65%. Then, the service sector is 17% and the health sector is 15%.

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The funds disbursed by the Modalku Group come from various sources, including from around 200,000 funders, both individuals and companies. These lenders can earn interest rates of up to 17% per year, depending on the risk tolerance of each lender.

In the first semester, Modalku Group lenders were dominated by Generation Z and millennials, which reached 60% with an average increase in the number of new lenders by 1,000 accounts per month.

“This year is expected to be an opportunity for economic revival in Indonesia and the development of Modalku,” explained Iwan.

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Modalku is a P2P lending fintech founded by Iwan Kurniawan, Kelvin Teo, and Reynold Wijaya, in 2016 which has now penetrated into the Southeast Asian regional market.

Since then, Modalku has raised US$1.2 million in funding and debt financing, including from Alpha JWC Ventures and Triodos Investment Management, the Netherlands.

—Intan Wulandari, TechnoBusiness ID Photo: Modalku

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