500 Global backs $2.3m round of 🇮🇩 mortgage startup

Ringkas, an Indonesia-based digital mortgage startup, has raised US$2.3 million in a pre-seed round as it plans to launch its platform with property developer Ciputra Group.

Investors in the round include 500 Global, Iterative Capital, Creative Gorilla Capital, Teja Ventures, and Init-6.

Ringkas founders (from left) Ilya Kravtsov, Leroy Pinto, and Yoko Simon / Photo credit: Ringkas

Ringkas plans to digitalize the mortgage process in Indonesia by matching customers with financial institutions. It aims to connect millions of home seekers and 12,000 developers in the country with over 1,000 banks and financial institutions, says Ringkas co-founder Ilya Kravtsov.

Developers can use the platform to manage their pipeline of likely customers and access real-time mortgage information from loan officers.

Founded in early 2022, the company plans to launch its platform across the greater Jakarta region within the next six to 12 months. It aims to introduce 10,000 home seekers to the platform within that period.

After the initial launch, Ringkas will look to roll out its platform in Indonesia before considering plans to expand across Southeast Asia. The firm is looking to create 100 million new homeowners in Southeast Asia.

See also: 50 rising startups in Indonesia