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///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops
Market Operators

Startups Directory

The operators building Indonesia's future economy.

Tracking 27 Companies

Ajaib

Series B
HQJakarta
Est.2018
FundingUS$ 245M

Indonesia's first WealthTech unicorn enabling stock, ETF, and mutual fund trading with 3M+ retail investors. Fastest company to unicorn status in SEA.

FintechWealthTech
Dossier

Akulaku

Series E
HQJakarta
Est.2014
FundingUS$ 522M

Banking and digital finance platform serving 10M+ customers across Indonesia, Philippines, Thailand, and Malaysia with BNPL, P2P lending, and digital banking (Bank Neo Commerce).

FintechDigital Banking
Dossier

Amartha

Late Stage
HQJakarta
Est.2010
FundingUS$ 55M+

Micro-financing platform connecting lenders with women entrepreneurs in rural villages. 99% women borrowers with low NPL via Grameen model.

FintechMicrofinance
Dossier

Ayoconnect

Series B+
HQJakarta
Est.2016
FundingUS$ 43M

First licensed Open Bill Network in Indonesia connecting billers with payment channels. Enabling bill payments across 15,000+ products.

FintechBill Payments
Dossier

Bareksa

Late Stage
HQJakarta
Est.2013
FundingUS$ 20M

First mutual fund marketplace in Indonesia. Partner with OVO for OVO Invest. 3M+ investors on platform.

FintechWealthTech
Dossier

Brankas

Series B
HQJakarta
Est.2016
FundingUS$ 30M

Open banking infrastructure enabling fintechs to connect with banks via APIs. Operating across Southeast Asia.

FintechOpen Banking
Dossier

BukuWarung

Series A
HQJakarta
Est.2019
FundingUS$ 80M+

Digital bookkeeping and financial services platform serving 6.5M+ micro-merchants (warungs) across Indonesia.

FintechSME
Dossier

DANA

Series D
HQJakarta
Est.2017
FundingUS$ 250M+

Leading digital wallet with 200M+ registered users and 10M+ daily transactions, powered by Ant Group/Alipay technology.

FintechE-wallet
Dossier

DOKU

Late Stage
HQJakarta
Est.2007
Funding-

Indonesia's first payment gateway provider. Pioneer in digital payments serving enterprise clients for 17+ years.

FintechPayments
Dossier

Flip

Series B
HQJakarta
Est.2015
FundingUS$ 120M

Consumer and business payments platform enabling fee-free interbank transfers and international remittances to 45+ countries for 13M+ users.

FintechPayments
Dossier

Funding Societies | Modalku

Series C+
HQJakarta
Est.2016
FundingUS$ 290M (regional)

Leading P2P lending platform for SME financing across 5 countries. Disbursed IDR 65T regionally; strong 1.96% TWP90 delinquency rate.

FintechP2P Lending
Dossier

Fuse

Series B
HQJakarta
Est.2017
FundingUS$ 70M+

Largest insurtech by GWP with 60K+ agents. B2B and B2A platforms for insurance distribution across Indonesia.

FintechInsurTech
Dossier

Indodax

Late Stage
HQJakarta
Est.2014
FundingBootstrapped

Indonesia's oldest and largest crypto exchange with 7.5M+ members. OJK-licensed digital asset exchange.

FintechCrypto
Dossier

JULO

Series B
HQJakarta
Est.2016
FundingUS$ 105M

Digital lending platform providing personal loans and credit lines to underbanked Indonesians. Approaching $100M revenue with IPO planned.

FintechDigital Lending
Dossier

Kredivo Group

Series D
HQJakarta
Est.2015
FundingUS$ 660M (equity + debt)

Southeast Asia's leading digital credit platform with instant BNPL, personal loans, and digital banking (Krom Bank) across Indonesia, Vietnam, and Thailand.

FintechBNPL
Dossier

Nanovest

Growth
HQJakarta
Est.2021
Funding-

Multi-asset investment app offering crypto, US stocks, and gold in single platform for Indonesian investors.

FintechMulti-Asset
Dossier

OVO

Acquired (90% Grab)
HQJakarta
Est.2017
FundingUS$ 120M+

Leading digital payment platform integrated with Grab ecosystem, offering e-wallet, bill payments, OVO PayLater, and investment products.

FintechE-wallet
Dossier

PasarPolis

Series B
HQJakarta
Est.2015
FundingUS$ 59M

Microinsurance platform serving 35M+ customers through embedded insurance across Gojek, Shopee, and other platforms.

FintechInsurTech
Dossier

Pintu

Series B
HQJakarta
Est.2020
FundingUS$ 156M

Leading cryptocurrency exchange with 4M+ downloads and comprehensive educational content. Backed by Pantera and Coinbase.

FintechCrypto
Dossier

Pluang

Series B
HQJakarta
Est.2019
FundingUS$ 110M

Multi-asset investment platform offering gold, US stocks, crypto, mutual funds, and ETFs to 10M+ users with micro-investing from $0.50.

FintechWealthTech
Dossier

Qoala

Series C
HQJakarta
Est.2018
FundingUS$ 130M+

Omnichannel insurtech providing embedded insurance (B2B2C) through 50+ consumer platforms and 65,000+ agents across 4 countries. 5M+ customers served.

FintechInsurTech
Dossier

Reku

Series A
HQJakarta
Est.2017
FundingUS$ 11M

User-friendly crypto exchange known for lowest fees in Indonesia. Achieved profitability Q1 2024.

FintechCrypto
Dossier

Rey

Series A
HQJakarta
Est.2021
FundingUS$ 4.5M

Integrated health membership combining insurance, telemedicine, gym access, and mental health support in single subscription.

FintechInsurTech
Dossier

Stockbit/Bibit

Series C
HQJakarta
Est.2013
FundingUS$ 190M

Stockbit is social investing platform for traders; Bibit is robo-advisory for mutual funds. Combined serving millions across 500 cities with highest trading volume on IDX.

FintechWealthTech
Dossier

Tokocrypto

Acquired (Binance)
HQJakarta
Est.2018
FundingBinance-owned

First certified crypto exchange in Indonesia. 4.5M+ users. Acquired by Binance.

FintechCrypto
Dossier

Wagely

Growth
HQJakarta
Est.2020
FundingUS$ 37M+

Asia's leading Earned Wage Access (EWA) platform allowing workers to access earned salary before payday. Operating in Indonesia and Bangladesh.

FintechEWA
Dossier

Xendit

Series D
HQJakarta
Est.2015
FundingUS$ 538M

The "Stripe of Southeast Asia". Payment gateway building digital financial infrastructure, processing $70B+ annually across Indonesia, Philippines, Malaysia, and Thailand.

FintechPayments
Dossier
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