Fintech AwanTunai Raises $27.5 Million to Provide Internet Access to Indonesian SMEs

Jakarta-based fintech company AwanTunai secures $27.5 million in Series B funding to bolster its efforts in providing internet access to small and medium-sized enterprises (SMEs) in Indonesia. The round was led by MUFG Innovation Partners, Norfund, and OP Finnfund, along with participation from Krungsri Finnovate, IFC, OCBC Indonesia, and Insignia Ventures Partners.

AwanTunai intends to utilize the funding to enhance its risk management technologies and lending capital, aiming to cover $2 billion in annual inventory purchase financing by the end of 2024. Leveraging data science, the company analyzes unstructured transaction data to control loan risks effectively.

Founded in 2016, AwanTunai offers online finance and payment services to Indonesian SMEs, catering to various businesses ranging from mom-and-pop stores to grocery chains. Through its app, AwanToko, businesses can access financing solutions, inventory management, and supplier information conveniently.

The funding round underscores AwanTunai's commitment to addressing the financial needs of underbanked SMEs in Indonesia and highlights the significant growth potential of the country's fintech industry, as predicted by industry analyses and highlighted by various startups, including Finture and Alami, featured in Forbes Asia 100 to Watch listings.