9 fintech startups shaking up Indonesia’s piggy banks

If you haven’t been watching Indonesia’s financial technology sector closely, perhaps it’s time you roll up your sleeves and get to grips with this new segment. On the heels of Indonesia’s ecommerce boom, local entrepreneurs are beginning to see what’s possible with the internet in terms of financial inclusion. Despite staggeringly low debit and credit card adoption, financial technology — “fintech” — startups are carving out an increasingly vibrant space for themselves in the country.

Even so, fintech shouldn’t just be thought of as alternative payments and ways to bank the unbanked. It can be applied in a variety of different ways. As such, we’ve put together a brief list of interesting fintech startups in Indonesia worth checking out. For the sake of consistency, we’ve divided them up into three sections: mobile apps, cloud software, and consultation sites.

Mobile apps

Jojonomic

Jojonomic is a mobile app for personal finance that lets users easily manage their money by recording every expense and earning they pull in. The startup was built by local entrepreneur Indrasto Budisantoso, who previously worked at Groupon Indonesia and has published several books on finance.

Veryfund

Veryfund is a mobile app that lets users keep track of all the transactions they process across multiple bank acounts. This app is particularly interesting for online shop owners because it lets them verify payments from several different banks all at once through a single application.

Consultation

Financial inclusion is becoming a more prominent issue in Indonesia. As the nation’s middle class grows, more people are able to buy things like credit cards and insurance policies, but the problem is often they’ve never done it before. For this reason, many startups have focused their core offering around advice on which financial products to spring for.

Cermati

Cloud software