Mapan Raises US$15M in Series A Funding
Summary
Mapan, an Indonesia-based startup focused on eliminating barriers to financial access for the masses in the country, raised US$15 m in Series A funding. The round was co-led by Patamar Capital and PT Astra Digital Internasional, a subsidiary of PT Astra International Tbk (Astra), with participation from Indonesian giants BRI Ventures, SMDV, Blibli, Prasetia Dwidharma, and global venture capital firms Flourish Ventures and 500 Global. The company intends to use the funds to expand operations and its business reach. Through the usage of Mapan’s Arisan product, lower-income groups can increase their buying power to purchase household goods such as cookware, electronics, and furniture. The firm also currently provides other products and services such as bills payment application, Mapan Pulsa, and consumer goods resale platform, Mapan Mart.