Bank Mandiri partners with FishLog to expand MSME financing in Indonesia

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Indonesia’s Bank Mandiri has partnered with local aquaculture startup FishLog to expand financing access for MSMEs, particularly in the fisheries sector.

Alexander Dippo, senior vice president of SME banking at Bank Mandiri, said that through the collaboration, the bank aims to disburse 50 billion rupiah (around US$3.2 million) in credit through FishLog. The total amount could increase in the future, depending on demand.

Meanwhile, Bank Mandiri will get access to FishLog’s network of MSMEs, which currently spans 45 locations across Indonesia.

Founded in 2020, FishLog focuses on the cold-chain fisheries sector and offers services such as a B2B marketplace and inventory financing. It last raised US$3.5 million in a pre-series A funding round from BRI Ventures, Accel, and Insignia Ventures Partners in November 2022.

As for Bank Mandiri, it said that it has disbursed loans totaling 973.2 billion rupiah (US$62 million) to more than 115,000 MSMEs as of the end of August 2023.

It has also partnered with several lending firms in Indonesia, such as Kredivo, with which the bank has distributed 3.09 trillion rupiah (US$200 million) in loans to over 227,000 borrowers as of end-August this year.

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Currency converted from Indonesian rupiah to US dollar: US$1 = 15,395 rupiah.