July 1

Indonesia’s Mapan Secures $15 Million Series a Funding Co-Led by Patamar Capital and PT Astra Digital Internasional

Mapan, an Indonesia-based FinTech startup, announced Tuesday it has closed a successful Series A round of $15 million co-led by Patamar Capital and PT Astra Digital Internasional, a subsidiary of PT Astra International Tbk (Astra).

The round also saw participation from Indonesian giants BRI Ventures, SMDV, Blibli, Prasetia Dwidharma, and global venture capital firms Flourish Ventures and 500 Global, Mapan said in a statement.

The fresh funds will be deployed to grow product range, expand customer reach, and driving financial inclusion through the introduction of products that remove barriers and provide access to financing.

With this successful fundraise, Mapan will now look towards growing their core Arisan service through expanding their product range and partnering with top suppliers. An aspect of Indonesian culture, Arisan is a form of informal social gathering, where members will take turns to purchase products for the group.

Photo courtesy of Seika.

Source: TechNode Global (link opens in a new window)

Finance, Technology
financial inclusion