MDI Ventures leads series C round of Indonesian fintech startup Cermati

Indonesia-based Cermati Fintech Group, which helps customers research and sign up for credit cards, insurance, and loans, announced that it has raised an undisclosed round of funding.

More funding details

• Lead investor: MDI Ventures, a venture capital firm backed by Telkom Indonesia
• Existing investor: Djarum Group – a cigarette manufacturer owned by the Hartono family, one of  Asia’s richest families – through Central Capital Ventura
• Other investors: MDI-KB’s Centauri Fund
• Stage: Series C

More company updates

• Cermati will use the new funds to expand the team, bolster its product range, and develop its technology offerings. It’s also looking to strengthen partnerships and product distribution.
• The startup operates Cermati.com, a financial marketplace in Indonesia, Cermati Protect, a digital insurance brokerage, and Indodana, a digital fintech lending company.
• While Cermati Protect teams up with partners to offer contextual insurance products, Indodana works with other firms to offer “buy now, pay later” solutions for Indonesians that do not have access to credit cards.
• “We are building embedded finance stack by partnering with established financial institutions that enable financial services capabilities on our ecosystem partners,” said Carlo Gandasubrata, Cermati’s co-founder and chief operating officer.
• MDI Venture CEO Donald Wihardja said that the firm wants to help Cermati “growth hack its product development and adoption by bridging access to 150 million telco users and hundreds of fintech use cases throughout Telkom Indonesia’s and BUMN’s networks.”
• In November 2019, ecommerce player Bukalapak launched an online credit card application service in collaboration with Cermati.

For more coverage of the company, head here. You can also click on the link below to view key details about the company, as well as its funding history.