Singapore fintech startup Koku to expand into Indonesia following $2m round

Singapore-based fintech startup Koku announced plans to expand into Indonesia following a US$2 million pre-series A funding round led by Decent Capital earlier this year.

Koku founder and CEO Calvin Goh / Photo credit: Koku

The company, which works with non-bank financial intermediaries to build foreign exchange tech solutions, said it is currently exploring projects with firms in Indonesia.

Koku is set to partner with local e-wallet players, microlending and payment firms, and remittance and money exchange businesses to integrate its tech into existing operations. It is also exploring opportunities with local supermarkets and convenience stores to act as points of access to financial services.

“Expansion into Indonesia will be very much dependent on engaging with the right partners,” Calvin Goh, founder and CEO of Koku, said. “We want to ensure that our technology is localized to adhere to cultural needs and business needs.”

Koku also said it banks on Indonesia’s high migrant population and increasing inbound and outbound remittance.

“Indonesia is uniquely fragmented and for us, this presents great opportunity to contribute to the growth of the country’s financial capability as well as the region’s,” said Goh.