Indonesia-based Komunal secures $5.5M in Series A+

Komunal, an fintech firm in Indonesia, has successfully secured $5.5M in a Series A extension funding round. The round was spearheaded by Sumitomo Corporation Equity Asia, with additional investments from Jafco Asia, Skystar Capital, Sovereign Capital, and Gobi Partners.

• Founding Story: Komunal, founded in 2019 by Hendry Lieviant and Rico Tedyono, has been at the forefront of transforming rural banks by integrating access to funds and hyperlocal lending, thus fostering economic growth in Indonesia.

• Goals and Purpose: Komunal aims to boost financial accessibility by digitalizing rural banks throughout Indonesia and developing new services and establishing partnerships with additional rural banks, specifically outside of Java and Bali.

• Rapid Growth: Currently partnered with 376 rural banks and channeling productive loans primarily to MSMEs in tier 2 and 3 cities.

• Unique Offering: Komunal's digital-based DepositoBPR offering allows Indonesians to deposit funds in hundreds of rural banks, bypassing the conventional face-to-face processes. These deposits offer higher interest rates than those provided by commercial banks.

• Loans and Deposits: The company has channeled nearly $600M in combined loans and deposits, almost tripling from the previous year.

• KomunalP2P: This platform has disbursed $250M in loans to over 1,300 MSME projects across the nation.

• DepositoBPR: Has also transferred $350M in deposit funds to 376 rural banks countrywide.

Komunal's fundraising journey includes a previous Series A round in September 2021, which raised $2.1M, led by East Ventures, and with participation from Skystar Capital.