Bukalapak launches credit card application service through Cermati tie-up

Indonesian ecommerce unicorn Bukalapak has launched an online credit card application service in collaboration with fintech platform Cermati.

Photo credit: Bukalapak

With the partnership, Bukalapak’s users will be able to choose a credit card from various banks including BRI, Bank Mega, and Citi. After selecting the type of card they want, users must fill out a personal data form for verification. The admission process takes up to three days, and users will be contacted via phone or email by the Bukalapak team to confirm their application, said the company.

According to Bukalapak’s co-founder and president, Fajrin Rasyid, this collaboration is a strategic initiative for the firm to expand the credit card user base through the digital platform.

“To date, there are around 17 million Bukalapak users who have never used credit cards. Therefore, the Bukalapak partnership with Cermati is an important move where we offer an alternative transaction method that is safe, convenient, and beneficial for customers,” Rasyid said in an official statement.

Rasyid added that he expects this feature to attract at least 5,000 users in the first quarter after its launch.

Cermati is a financial product marketplace founded in 2015 by software engineer Oby Sumampouw, Andhy Koesnandar, and industrial engineer Carlo Gandasubrata. The platform assists users with financial information and also supports financial companies with user acquisition, risk assessments, and other services.

In September 2016, the startup raised US$1.9 million in a series A funding round by East Ventures, and later in September 2018 collected an undisclosed amount of series B funding from Djarum Group.

Bukalapak is one of the largest ecommerce companies in Indonesia and announced its unicorn status in January 2018, making it the fourth unicorn company in the country. The platform has more than 70 million active users and over 4 million sellers.

The online credit card feature adds to the long list of financial products under the Bukalapak portfolio. Among Bukalapak’s other financial offerings are gold investment and loans for small and medium-sized businesess.

This report was first published on KrAsia.