AwanTunai, an Indonesian fintech startup that provides a business solution platform for offline merchants, announced raising $56.2 million in its Series A2 funding round.
The funding comprises $11.2 million in fresh equity and over $45 million in debt and channeling facilities, according to the announcement.
Investors in the funding round include new investors BRI Ventures and OCBC NISP Ventura and existing investors Insignia Ventures and Global Brains
Accial Capital and Bank OCBC NISP have also extended debt and channeling facilities to support the group’s Indonesian fintech business.
In addition, with its licensed fintech platform, AwanTunai provides inventory purchase financing to FMCG suppliers and micro grocery merchants.
The startup said it will use the Series A2 funding to fund national expansion in continuing its commitment to advance and empower Indonesian micro SMEs by providing affordable and fast access to financing.
AwanTunai is a business solutions platform for traditional offline wholesalers and merchants, digitizing inventory ordering, payment, customer management. Its licensed fintech platform providing inventory purchase financing to FMCG suppliers and micro grocery merchants.
The AwanToko micro merchant mobile app orders and finances inventory purchases digitally. The platform enables Indonesia’s unbanked micro SMEs to access low-cost institutional working capital, by facilitating AwanTunai’s partner banks to fund these micro SMEs.
“AwanTunai is building the data infrastructure to digitize offline inventory purchase transactions. Such data is effective for credit risk management and opens up traditionally underserved micro SMEs to access affordable institutional working capital from our banking partners,” said CEO Dino Setiawan.
“We hope AwanTunai becomes the platform that enables the entire Indonesian banking industry to reach the millions of traditional SMEs that have previously been difficult to serve,” he added.
As of July 2021, AwanTunai has worked with over 160 supplier partners to help traditional wholesalers digitize and finance their operations, also providing their micro SME warung customers with affordable inventory purchase financing and integrated online ordering via the AwanToko mobile app.
The startup has served over 8,000 micro merchant users, with an increasing number of users coming from tier 2 and 3 cities in Indonesia.