Bali-based Fintech Secures Seed Funding from 500 Global to Digitize Microfinance Institutions and Boost Loans Access For The Underbanked
Summary
Bali, 6 August 2024 Djoins loan platform for microfinance institutions (MFIs) raised seed funding from multi-stage venture capital firm 500 Global. The strategic investment will enable Djoin to accelerate its go-to-market strategy, scale its team to support growing demand, expand its loan platform capabilities, and reach new regions across Indonesia.Most people know Bali for its tourism; the collapse of the industry during our COVID-19 pandemic propelled a new generation of local technopreneurs and the emergence of a vibrant innovation ecosystem, shares Indra Adhi Suputra, CEO and co-founder of Djoin. The innovative solutions empower microfinance institutions to operate more proficiently and seamlessly, allowing them to eventually offer financing to underbanked communities at lower interest rates. This approach helps close the USD 140 billion funding gap, fostering sustainable and inclusive economic growth for the nation.Khailee Ng, Managing Partner at 500 Global adds: To include all of Indonesia in the countrys growing economy, we need to use technology. Embracing gotong royong and Pancasila, Djoins commitment is captured in their mission: Pinjaman Berkualitas, Koperasi Naik Kelas (Improved Loan Quality, Elevating Cooperatives).