Lokesh Choudhary · · 1 min readIndonesia’s Bank BTN and Mandiri Capital launch proptech-focused fund
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Indonesia’s Bank BTN and Mandiri Capital Indonesia (MCI) have teamed up to create the BTN Fund, set to invest in startups working on proptech, mortgage tech, and construction tech, among other sectors.
The move comes as government-owned Bank BTN – which specializes in housing loans – aims to become Southeast Asia’s leading mortgage bank by 2025. MCI will serve as the fund’s manager and plans to cultivate partnerships with other state-owned tech ecosystems.
MCI is the corporate VC arm of state-owned Bank Mandiri, Indonesia’s largest bank by assets. It recently launched a climate tech fund in partnership with VC firm Investible.
It is also one of five state-owned corporate VC arms behind the Merah Putih Fund, a VC firm backed by the Indonesian government. Merah Putih Fund raised US$300 million in its first close earlier this year.
Founded in 1897 under the name Postspaarbank, Bank BTN went public in 2009. In 2022, it recorded US$128 million in net profits out of US$967 million in revenue, according to its annual report.
See also: Anatomy of a comeback: Can TikTok resurrect its ecommerce biz in Indonesia?
Editing by Putra Muskita and Dhania Putri Sarahtika
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