Jakarta, 6 September 2018 - Cermati.com, a leading financial product marketplace and financial technology enabler, today announced it has secured series B funding from Djarum Group. As part of the investment, East Ventures, Beenos Plaza, and Finch Capital exited their investments.
Launched in 2015, Cermati is Indonesia’s most visited financial marketplace site with more than five million visits each month. Cermati’s online platform helps Indonesians to research and get credit cards, auto loans, personal loans, mortgages, car insurance, and health insurance.
Sharing about their journey, Carlo Gandasubrata as the CBO and co-founder of the business, expressed how the trust and support from early investors play a pivotal role in the milestone Cermati has achieved today. “East Ventures is instrumental for our growth story and has helped us build a defensible strategy specifically for Indonesia. Their years of experience and deep market understanding as one of the earliest venture capital in the region are unparalleled. East Ventures allowed us to be part of the network of their entrepreneurs that are growth minded. The support and mentorship from East Ventures have allowed us to be a leading platform in Indonesia”, he said.
“For Beenos Plaza, they provided us with insights on how to build technology to serve the financial company in an emerging market. Their knowledge of building technology that optimizes marketplace for mobile user give us edge early and later on the AI tech to do identity and KYC in the emerging markets give us a significant advantage. We are grateful that Beenos believed in us from early on and for providing us with advice on how to scale throughout our journey”, added Oby Sumampouw, CTO and co-founder Cermati.
“We are also pleased with the active engagement of Finch Capital, which helped us build a deeper understanding of how technology transforms financial services value chain. Finch has helped us to bring their insights into the financial industry from mature markets to Indonesia. All in all, I would like to thank all investors for believing in and supporting us throughout our transformation”, said Andhy Koesnandar, CEO and co-founder of the business.
Hans De Back, Partner of Finch Capital, said, “Cermati is a perfect example of how technology-enabled businesses can penetrate a market that previously was difficult to access. Indonesians have a strong appetite for financial products as a large part of the population previously did not have access to financial products.”
- Moving to the next level -
Today, Cermati is ready to bring their company to the next step. “We are happy to welcome Djarum as our investor. Our mission is to advance Indonesia through financial inclusion. We believe that access to financial services can improve Indonesian life; Djarum shares the same mission and we are excited to work together with them. The new capital will be used to expand our reach in Indonesia and develop new product lines to increase the financial product penetration in Indonesia”, said Andhy Koesnandar.
Willson Cuaca, the Managing Partner of East Ventures, added, “We have seen how the company has grown from zero and are very proud of the great execution they have delivered for the past 3 years. As the early believer of the company, we are happy to pass the baton to Djarum knowing they will bring strategic value for the company to enter into the next level of excellence.”
In the past year, Cermati has seen significant growth as it expanded its offering from predominantly marketplace for off-the-shelf financial products such as personal loans, credit cards, and auto insurances to a much broader technology enabler provider to perform distribution, ID verification and underwriting of microloan and insurance products. The innovative use of AI technologies and broad partnerships enabled the business to grow beyond distributing off the shelf products to distributing microloan and insurance products to a much broader underbanked population. Today, It has accelerated financial inclusion in Indonesia by distributing financial products and performing digital ID verification and risk underwriting for over one million Indonesians across tier one and tier two Indonesian cities such as Jabodetabek, Bandung, Surabaya, Semarang, Yogyakarta, Denpasar, Pontianak, Medan, and Palembang.
Cermati was founded by Andhy Koesnandar, Carlo Gandasubrata and Oby Sumampouw in 2015. Cermati is the leading financial product marketplace in Indonesia. Cermati helps consumers research and get credit cards, auto loans, personal loans, mortgages, car insurance, and health insurance. It partners with financial institutions to provide the best product offerings online. For financial institutions, Cermati is a technology provider partner that digitalize financial product’s acquisition, onboarding, risk assessment, and servicing.