Funding secured. Indonesian fintech startup AwanTunai just secured $18.5M (300B IDR) in debt from HSBC through their $1B ASEAN Growth Fund!

• They raised a $27.5M Series B earlier this year!

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🇮🇩 Who’s AwanTunai?

They offer easy-to-access loans for MSMEs in the FMCG and grocery industries.

Need some examples?

• Merchants can get financing for inventory through their app to afford to stock more items!
• Distributors and wholesalers can leverage their ERP system with embedded financing

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📈 Lend and grow

This isn’t the first startup that has gotten $$$ from HSBC’s $1B ASEAN Growth Fund. And no, it’s not a VC fund.

• Announced in March, it’s a fund that offers debt financing for new economy businesses using digital platforms to scale across the region.
• Not the usual. They look at the companies’ metrics tied to their cashflow-generative asset portfolio instead of traditional financial metrics.
• Ticket sizes are about $15M-$100M with terms from 1-3 years.

FYI. The first startup that got funding from the fund is Carro, who signed a $55M multi-currency loan last month.