Cermati Is Reportedly Securing 250 Billion Rupiah Series D Funding Led by MDI Ventures
Summary
Financial product aggregator Cermati reportedly secured a Series D funding round worth more than $17 million (approximately 250.3 billion Rupiah). Bliblis entity, Global Distribution Niaga Pte Ltd, also participated in the latest round.Since it was founded in 2015, Cermati has grown to be more than just an aggregator of financial products. "This experience provides capital for us to continue to develop new business lines in CFG," Andhy said.As part of the Djarum Group, the company carries out many strategic partnerships with its portfolio. This initiative was launched last year, therefore, BCA Digital users can perform banking activities through the Blibli application.Andhy said the BaaS solution allows his team to expand the financial product offerings, from opening accounts, paylater, insurance, and others on all types of platforms virtually to third parties, therefore, they can have banking capabilities on their non-bank platforms. "BaaS is the latest technology product offering from the Cermati Fintech Group, where we provide a technology stack to connect banks with digital platforms," he added.In this case, Cermati developed an embedded finance strategy, opening banking services to be embedded in an application ecosystem that enables super application capabilities through Open API and BaaS capabilities.