MCI’s Xponent program invites startups to work with Bank Mandiri

Corporate venture capital (CVC) firms provide a myriad of opportunities for startups to obtain funding and collaborate.

Even early-stage startups can benefit: A Silicon Valley Bank survey of 164 CVC firms from 15 countries found that 74% of respondents target startups anywhere from the pre-seed to series B stages.

The survey also found that 58% of the firms completed deals within two months of meeting a startup, which suggests that CVCs are quicker to capitalize on the best deals.

In Indonesia, one CVC that has long been active in the local startup scene is Mandiri Capital Indonesia (MCI), a subsidiary of state-owned Bank Mandiri. The firm began investing in startups in 2015.

Together with MCI, Bank Mandiri has invested in 22 startups from various verticals, including MSME digitalization, payments, and loans.

MCI synergy

MCI’s presence has led to synergies between Bank Mandiri and several startups.

For example, MCI assisted the bank in channeling loans for Crowde, an online lender that focuses on smallholder farmers. It also helped Bank Mandiri facilitate loans through online lender Amartha, which targets women entrepreneurs in tier-two and tier-three cities.

The collaborations have helped guarantee liquidity for both Crowde and Amartha, while also increasing their business penetration.

In addition, Bank Mandiri has also integrated payment methods with Yokke, Bukalapak, Cashlez, and Mekari Group – tie-ups that have led to an increase in both transactions and sales volume.

Beyond these, MCI supports the bank’s digital initiatives like its Livin’ and Kopra mobile banking platforms, which target consumers and corporates, respectively.

Thanks to the CVC, Bank Mandiri has access to fintech firm Ayoconnect’s open banking solution as well as sales platform iSeller’s point-of-sales system.

“Through collaboration with Mandiri’s various business units, MCI hopes to help accelerate business growth and encourage innovation for startups that join the Mandiri Group ecosystem,” said Rabbi Amrita Givatama, the vice president of investment and synergy at MCI.

“The opportunities are open not only to MCI’s portfolio but also to all startups.”

Xponent by MCI

Another one of MCI’s startup development efforts is Xponent, the CVC’s business matching program that aims to help startups widen their traction and network.

The event, which will take place on October 13 and October 20, 2022, is inviting startups in the fields of:

• Lending: Companies that focus on lending-related fintech innovations.
• Beyond lending: Startups that zoom in on innovations outside the financing sector, such as payments, insurance, banking-as-a-solution, agent networks, and value chain businesses.

Startups wishing to join the program must meet the following criteria:

• Have raised at least a pre-series A funding round
• Have a solid and sustainable business model
• Have a synergistic use case with financial institutions

Selected startups are able to participate in discussion forums during the program and have the opportunity to network with other participants and Mandiri Group executives.

Those interested to apply will need to prepare their company profile and ideas for potential synergies. After registration, all applications will be curated according to their relevance to Mandiri’s business units, and the MCI Xponent team will contact all applicants to announce their selection status.

In addition to networking opportunities, selected startups have the chance to be part of the Mandiri Group ecosystem, collaborate with its business units, and receive support from MCI.

Does your startup meet the requirements? If it does, be sure to register immediately, as slots are limited. Registration is open until Tuesday, October 18, 2022, at 11:59 pm Western Indonesian Time (WIB).

PT Mandiri Capital Indonesia (MCI) is a venture capital subsidiary of Bank Mandiri that acts as a liaison between the Mandiri Group and startups to encourage innovation and synergy initiatives.

MCI is committed to building strategic partnerships to accelerate innovation in Indonesia’s digital ecosystem while investing in startups that are aligned with Mandiri Group. Founded in 2015, MCI’s current portfolio companies include Investree, Cashlez, PTEN, Bukalapak, Agriaku, Amartha, Ayoconnect, Cakap, Crowde, GoTo, Yokke, Greenhope, iSeller, Koinworks, LinkAja, Mekari, PrivyID, Qoala, Sinbad, and Halofina.

This content was produced by Tech in Asia Studios, which connects brands with Asia’s tech community. Learn more about partnering with Tech in Asia Studios.