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Hello readers,
When I was younger, I had a huge piggy bank that was so full that it could no longer rattle. It even had a slit at the back for bigger notes to fit.
I was saving up to buy a set of Roald Dahl books, but my dreams were smashed when I discovered that my brother had secretly broken the piggy bank. Although we were only children, it broke my heart.
Today, a bunch of individual investors who put their savings into embattled Indonesian lender UangTeman are unsure whether they’ll get their money back from the company.
UangTeman, which is currently winding down its operations, is no stranger to tough times, but it’s bracing for even tougher times ahead.
We’ll have to wait and see if the company can solve its financial woes and do justice to its investors, who once believed in its potential.
— Deepti
The Big Story
Investors in UangTeman struggle to claw back their money
Eleven people put in over US$600,000 in UangTeman to be disbursed as loans. As the Indonesian lender winds down, will they get their money back? Read more.
Trending news
1. Exclusive: 1982 Ventures announces investments in 5 Indonesian startups
Led by Tryb Group alumni, 1982 Ventures is also closing its first seed-stage fund after raising US$15 million in the round, which it expects will be oversubscribed.
2. Sequoia to raise up to $600m for new crypto fund
The cryptocurrency fund would be one of three new sub-funds under the broader Sequoia Capital Fund.
3. Exclusive: 🇮🇩 proptech firm bags funding from Sinar Mas unit
Indonesia-based Jendela360 saw 4x growth in sales and revenue in the past 18 months and claimed that it is operationally profitable.
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