These apps are banking on Indonesia’s money management rush

Welcome to The Top Up! Delivered every Wednesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in fintech. If you’re not a subscriber, get access by registering here.

Hello there,

Over a decade ago, I started my career as a copy editor in New Delhi, India. The job provided me with my first taste of financial independence, and it felt thrilling. However, I was not able to manage my money and ended up spending everything I earned.

This was when my roommate suggested that I make a monthly Excel sheet so I could keep tabs on my spending. It actually helped: I was able to cut down on the wasteful expenses and started saving a bit every month from my paltry salary.

Little did we know that the idea of documenting our expenses would one day emerge as an important segment of the fintech world.

Like India, Indonesia is churning out several startups that record and analyze consumer spending by tracking users’ transactions at major banks and e-wallets.

Riding on the success of bookkeeping apps such as BukuKas and BukuWarung, personal finance management apps are drawing the attention of early-stage and angel investors.

In this week’s big story, my colleague Ardi explores whether personal ledgers can replicate the success of bookkeeping apps in Indonesia.

Almost half of Indonesia’s 270 million population have bank accounts, so the opportunity for money management players is big. But with bigger opportunities comes bigger competition.

Read on to find out what it will take for personal finance management apps to make the cut in this burgeoning market.

As for me, I’m still using my old-school Excel sheet to track my spending.

— Samreen

THE BIG STORY
Indonesia’s personal finance apps see new tailwinds – and VC funding

Image credit: Timmy Loen