Komunal is for the community! This fintech startup partners with Indonesian rural banks called Bank Perkreditan Rakyat (BPR) and enables them to offer digital banking services. They just raised $5.5M in a Series A extension round.

• Launched in 2019, this startup has partnered with 376 rural banks so far!

Investor check. Sumitomo Corporation Equity Asia led the round. JAFCO Asia, Skystar Capital, Sovereign Capital, and Gobi Partners also joined in!

• Komunal raised $8.5M in funding last year.

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📳 Serving the underbanked

If you live in the city, you’ll always find a nearby bank. But that’s not the case for everyone, especially people living in rural areas. That’s why Komunal is helping rural banks digitize their services!

No need for a bank visit. Through Komunal’s DepositoBPR app, you can apply for loans and make deposits from anywhere. 

• Oh, and BTW, Komunal’s deposits offer higher interest rates than commercial banks! 
• Komunal claims to have channeled $600M in combined loans and deposits in the last year, which is almost 3x from 2022.

Financing for SMEs. Small business owners can also access financing through Komunal’s peer-to-peer lending platform, Komunal P2P. 

• As of 2023, they've already disbursed $250M in loans to more than 1.3K SME ventures.

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🗺️ What’s with the $$$?

Komunal will expand their services and kick off partnerships with more rural banks, especially those outside of Java and Bali.