Indonesia`s peer-to-peer or P2P lender Investree plans to raise Series C funding for regional, Islamic business expansion. The company plans to expand into Japan, South Korea, and China. It conducts both conventional and Shariah-compliant businesses. It hopes to close its Series C round by December this year, according to its CEO and co-founder, Mr. Adrian Gunadi.
The SME-focused lender has been attracting potential institutional investors since its inception four years ago. Investee offers financing products and government bonds on its platform. So far, it has distributed loans of US$152 million in the first half of 2019. The amount is 30% higher than in the same period last year. Currently, its main investors are Indonesia’s Kejora Ventures and Japan’s SBI Holdings.
The company has aggressive plans to expand into regional markets to reach out to a much larger customer base. Currently, the company is operating in Thailand, Vietnam, and Indonesia. The company may soon start operating in the Philippines as well.
The company also plans to strengthen its Shariah-compliant business so that it could serve the millions of Muslims living in Indonesia and other target markets. It started offering Shariah-compliant loan services to its customers in 2018. Currently, 10% of its revenue comes from Islamic business operations.
The company has set itself ambitious goals for expansion into Southeast Asia. It plans to use the newly acquired funds to go into the original markets while expanding its outreach to customers looking to acquire loans in the Shariah-compliant way as well.