In 2022, Indonesian fintech firms raised US$2.5 billion. At first glance, that looks pretty good, considering it was a 56% increase over the previous year. However, the number of deals fell 19% to 79, while just five of the deals accounted for US$1.4 billion, or 56%, of total investment: Modalku’s US$144 million, Akulaku’s US$200 million, Dana receiving US$250 million and US$305 million, and the US$300 million Xendit deal.

Investors really began to tighten their belts in the fourth quarter of the year, as there were only 13 deals announced, a 50% decline from the first quarter, according to FinTech Global Research.  

In September 2023, DealStreetAsia reported that leading Indonesian P2P lending firm Investree was said to be in talks to raise $100 million in a Series D round, and it reported in

In December that the company planned to close the round, which would be led by Qatar conglomerate JTA International Holding, in January 2023. The amount of funding could not be disclosed due to Qatari regulations.

Yet it is now March and there have been no updates. This suggests at a minimum it is taking Investree longer than expected to raise the funds.

The funding will support Investree’s expansion in Southeast Asia and the Middle East as well as its investment in Indonesian digital lender Bank Amar.

Meanwhile, in January, Indonesian investment firm BNC Technologies Ventures purchased a 5.8% stake, valued at 1.2 trillion rupiah (US$77 million), in IDX-listed Bank Aladin Syariah through a private placement of shares. This funding will help Bank Aladin meet the Financial Services Authority’s capital requirement of 3 trillion rupiah for banks.