The investment into UangTeman marks Tim Draper’s first foray into Indonesia, following his visit in June

Indonesian peer-to-peer (P2P) lending platform UangTeman announced today that it has raised a US$12 million Series A funding round in debt and equity, led by K2 Venture Capital.

STI Financial Group and Draper Associates also participated in the round, with the startup’s existing investors Alpha JWC Ventures and Teong Chee Hooi also participating.

K2 Venture Capital Managing Director Stanley Wang will join UangTeman’s board of directors following the investment.

In a press statement, UangTeman CEO and Founder Aidil Zulkifli said that the investment will be used for research and development, with a plan to open a knowledge-and-analytical center in Singapore and India.

Also Read: Indonesia’s online lender UangTeman names Darmawan Zaini as CTPO

Between its launch in April 2015 and December 2016, UangTeman claimed to have experienced more than 300 per cent growth with less than two per cent non-performing loan.

The startup’s service is now available in 15 cities in Indonesia; it has also secured a P2P lending license from the financial service authority.

The startup has raised an undisclosed pre-Series A funding round led by “major Southeast Asian banking group” in September 2016.

The investment into UangTeman marks the first for Draper Associates founder Tim Draper, following his visit to the country in June. During the visit, the Southeast Asian arm of his venture network Wavemaker Partners announced the close of its US$50 million fund for the market.

K2 Venture Capital is the result of a joint venture between Loxley subsidiary Loxbit and Singapore-based private equity firm TIH. The investment also marks its first foray into Indonesia.

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Image Credit: UangTeman

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