Indonesia-based Momofin, which offers document and contract lifecycle management, has raised an undisclosed amount in funding.
The capital injection was backed by Rorian Pratyaksa, the co-founder of local social commerce platform Woobiz, and Firlie Ganinduto, the president director of credit-scoring startup Digiscore.
This capital will help the company bolster its product line.
Momofin co-founder Pranowo Putro said, “With the new funding, we want to innovate our product technology to be more sophisticated by applying artificial intelligence. We hope that with our existing data, we can develop automation features to facilitate our users in the future.”
The company was established earlier this year by Pranowo Putro, Saga Iqranegara, and Yoga Pratama and has already served over 10,000 users and 100 enterprise clients.
Momofin currently has two products, MomofinGo, which is a cloud-based document and contract lifecycle management system for businesses, and eMET, an electronic seal app for individual customers.
Its services are used by financial services, education, healthcare, retail, legal, manufacturing and shipping businesses.
Financial services use the technology to improve customer experiences with streamlined document workflows and offer electronic signatures.
The FinTech company is currently looking to raise another funding round to support the development of its digital ecosystem and support the growing user base.
There have been a number of Indonesian FinTech companies to raise funds this year. Last week, DANA raised funding from Sinar Mas and leading e-commerce company Lazada Group.
DANA, which aims to improve financial inclusion in Indonesia, supplies consumers with a digital wallet that lets them complete bank transfers, make payments and withdraw money.
Another Indonesian FinTech company to close funding this year was Rey Assurance. The integrated health, life and critical illness InsurTech company raised $4.2m in its seed funding. The company offers end-to-end insurance that provides people with personalised offerings.
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Copyright © 2018 RegTech Analyst
