Indonesian peer-to-peer lending platform Taralite has picked up $6.3m in funding round from Japanese conglomerate SBI Group.
Taralite was initially founded as a personal lending platform before shifting to serve small businesses operating online.
The Jakarta-based company has catered to more than 1,000 borrowers since launching in 2015 and will use the new capital to grow its R&D team with the aim of expanding its services.
Taralite CEO Abraham Viktor commented: “We are doing what Capital One and Ant Financial did a few years ago.
“They expanded from just one product offering into a one-stop shop for the customers they are serving. We want to follow their footsteps and focus on serving the underserved segment in Indonesia.”
The company plans to introduce new products such as insurance and credit card algorithms to create a more general banking and finance offering to under-served populations in Indonesia.
SBI Group’s portfolio of companies includes Japan’s largest online securities brokerage company as well as online banking, insurance, biotech and VC businesses.
It operates a total of $300m in FinTech-focused funds.
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