Indonesian fintech firm raises $1.8m in Luminor-led round

AdiWisista, an Indonesia-based fintech firm, has raised US$1.8 million in new capital, bringing its valuation to US$10 million.

Photo credit: amadeustx / 123RF

Luminor Financial led the round, contributing US$1 million in funding. Following the deal, the Singapore-based investor acquired a 10% stake in two of AdiWisista’s subsidiaries: AdiWisista Finansial Teknologi and AdiWisista Daya Investama.

The fundraise also saw participation from various accredited investors.

AdiWisista’s peer-to-peer lending platform. Danai.id, provides loans to small businesses and individuals in Indonesia. The company also offers human resources management system UrUs. These platforms enable SMEs to offer competitive compensation packages to top talent.

Luminor Financial and AdiWisista are also exploring potential business opportunities and collaborations within the financial services industry in Indonesia, Malaysia, and Singapore. This includes sharing industry knowledge and market information in Indonesia’s lending and crowdfunding space.

As part of the deal, AdiWisista will give Luminor access to the Indonesian market via Danai.id, providing Luminor with a right of first refusal to fund up to 20% of Danai.id’s borrowers.

Kwan Yu Wen, executive director at Luminor Financial, said the investor is looking to expand its footprint out of Singapore and Malaysia, with the AdiWisista deal giving it access to Indonesia.

“Considering our extensive experience in SME financing in Malaysia, especially our Shariah-compliant offerings, we are confident that the partnership will benefit both parties greatly and marks the start of a long and fruitful collaboration,” she added.

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