Ringkas, digital mortgage platform, raises US$3.5 million in Seed round to roll out its platform across Indonesia

Ringkas, a digital mortgage platform with the vision to democratize home ownership, announced it has secured a US$3.5 million in Seed Round co-led by East Ventures and Crestone Venture Capital. Other investors that participated include 500 Global, Teja Ventures, Orvel Ventures, Hustle Fund, and others. With the capital from this round, the company will focus on advancing and scaling its platform across multiple cities in Indonesia and the secondary market.

Co-founder of Ringkas Ilya Kravtsov stated that after securing the latest funding round, Ringkas aims to achieve mortgage transactions worth up to US$200 million within the next 6-12 months and launch over 100 projects in 34 cities across Indonesia. “This latest funding round will also accelerate the adoption of Ringkas technology in unserved regions throughout Indonesia,” he said.

Ringkas is a digital housing finance solution platform founded by Ilya Kravtsov, Leroy Pinto, Puguh Widyoko, and Yoko Simon in early 2022. Ringkas was developed after the four co-founders found a solution to the problem of home ownership in Indonesia, particularly the extremely low mortgage penetration rate of only 3.25% of the total GDP. This figure is significantly lower compared to India, which has a mortgage penetration rate of 11% of GDP, and the United States, which has a mortgage penetration rate of over 50% of GDP. Additionally, Indonesia faces the challenge of a housing backlog reaching 12.75 million units, which continues to increase each year.

Ringkas aims to bridge the gap between millions of home seekers, 12,000 property developers, and 1,200 banks and financial institutions, enabling faster and more targeted mortgage processing. Ringkas has a grand vision of helping 100 million Indonesians facilitate home purchases through mortgages.

Ringkas is poised to revolutionize the mortgage industry by providing a comprehensive solution that simplifies the entire process. Unlike conventional mortgages that involve fragmented pre-qualification processes, lengthy manual applications, and limited transparency, Ringkas offers a streamlined approach. With real-time pre-qualification and a user-friendly digital platform, consumers can effortlessly apply for mortgages to multiple banks simultaneously, ensuring convenience, transparency, and a wide range of reliable options.

Additionally, one of Ringkas’ primary focuses is ensuring the security of consumer data. Ringkas provides security, audit trails, and limits data access to relevant parties involved in the mortgage process.

“We are thrilled to support Ringkas on their mission to revolutionize the homeownership financing solution. With the strong track record, we believe its innovative solutions will enable a more convenient and efficient process of homeownership for millions of Indonesians. We welcome Ringkas to East Ventures’ family, and we look forward to experience more excitement and positive impacts brought by the team in the future,” said Avina Sugiarto, Partner at East Ventures

To support data security, Ringkas has become a regulated digital financial innovation operator by OJK (Indonesia’s Financial Services Authority) since early 2023 and has obtained ISO27001 certification related to customer privacy and data security.

To date, Ringkas has secured more than US$2 billion of housing supply by partnering with the largest property developers and is currently live in 5 cities. Ringkas has also partnered with many leading banks in the country, such as BCA, Bank Mandiri, Bank Syariah Indonesia, BRI, Bank CIMB Niaga, Bank Permata, Bank Danamon, Bank Maybank Indonesia, OCBC NISP, UOB Indonesia, Bank Panin, Bank CCB Indonesia, and many others.

Co-Founding Partner of Crestone Venture Capital, Inanc Balci stated that as an emerging markets fintech specialist VC firm, they are committed to supporting Ringkas. “We are committed to supporting Ringkas in achieving its mission to make home ownership faster, easier, and more affordable for all Indonesians,” he said.