AwanTunai Exceeds Series B Target, Raises US$27.5M Led by Norfund, MUIP – Fintech Singapore

Indonesian fintech startup AwanTunai has successfully closed its Series B funding round, amassing US$27.5 million. The Jakarta-based company, known for its point-of-sale financing solutions aimed at digitising the nation’s predominant cash economy, has surpassed its initial target of US$25 million due to heightened investor interest.

This round of funding was spearheaded by notable entities including Norfund, the Norwegian government’s investment fund dedicated to developing countries, MUFG Innovation Partners (MUIP) – the innovation arm of Japan’s MUFG, and Finland’s impact-focused OP FinnFund.

The company plans to utilise the capital to enhance its equity base, facilitating the expansion of lending capital facilities. Their goal is to support over US$2 billion of annualised inventory purchase financing by the end of the year.

Established in 2017 by Setiawan, alongside former Gojek executives Windy Natriavi and Rama Notowidigdo, AwanTunai offers affordable inventory purchase financing, integrated online ordering, and inventory management solutions to wholesalers and micro-merchants.

The startup’s focus on the traditional general trade sector, which caters to 80% of the Indonesian population’s daily needs, has allowed it to scale effectively without diversifying into multiple product lines or market segments.

Dino Setiawan

AwanTunai’s CEO and founder, Dino Setiawan, revealed in an exclusive interaction with DealStreetAsia the potential for further expansion of the funding round, owing to continued demand from large private equity firms and global investors.

He underscored the company’s efficient business model and path to profitability, highlighting that AwanTunai is EBITDA positive and on course to achieve positive profit after tax by year-end.

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/93006/indonesia/awantunai-exceeds-series-b-target-raises-us27-5m-led-by-norfund-muip/