The clock’s ticking for UangTeman

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Hi readers,

I wrote about UangTeman for the first time in 2019, covering the internal turmoil over falling disbursement rates and an exodus of senior executives. It was also my first investigative story, and it wasn’t the easiest of assignments.

The topic itself was a sensitive one, but I think ultimately, startups are very personal projects. It’s difficult for founders to separate themselves from the company they’ve built and to react objectively and stoically when it gets unfavorable publicity.

Since then, I’ve written more stories like my first UangTeman piece, and I’m 100% sure that they have pissed people off. (And if you know me personally, I really don’t like pissing people off. I’m an INFP – I like to keep the peace.)

But hey, it’s all part of the job – for me and for them. Once a startup comes out into the world, it “belongs” to so many more people: investors in the most obvious sense, certainly, but also their employees and users. As journalists, we strive to present the fullest and most truthful picture possible. How can we do that without representing their voices as well?

After my 2019 article came out, UangTeman had an encouraging couple of years. But now it is on the brink of collapse, unless a white knight comes to the rescue at the eleventh hour. Will a deal miraculously come together?

The story we published this week about UangTeman and its current predicament has gotten a lot of attention, and so have the company and its founder. Here’s my takeaway: No founder would have wanted to find themselves in this position. And yet these things happen – a lot. Still, I imagine that it’s tough and devastating for the people involved, every single time.

— Putra Muskita, journalist at Tech in Asia

Top stories this week

Image credit: Timmy Loen

1️. UangTeman on the brink of collapse, pins hope on white knight
The Indonesian lender is no stranger to tough times. But as its business gets hammered by the pandemic, the startup seems to have run out of lives.

2. Indonesian mobile coffee firm carts $250k from Beenext, others
With the low-cost structure, Jago Coffee claims that it can scale the sales of various products through its network of mobile carts.

3. Lewd advances, unwanted touches: SEA women founders, execs speak out
A group of women in the startup community are speaking out, not to shame perpetrators but to warn other female entrepreneurs.

4. The rise of super VC scouts in SEA
Monk’s Hill Ventures has launched a program that centers around super scouts, who are fast becoming the eyes and ears of VCs in Southeast Asia.