Recent News

Indonesian student financing platform Cicil secures Series A led by East, Vertex Ventures

Cicil, Indonesian fintech startup

15/8/2018 – Cicil, an Indonesian financing platform for university students has today closed its Series A funding round led by East and Vertex Ventures.

Other investors who also participated in the round include existing investor Accord Ventures, as well as new backers K3 Ventures and Ethos Partners.

Joo Hock Chua, the Managing Partner of Vertex Ventures said the investment will be used to continue the platform’s expansion on student financing market services in Indonesia.

Founded in late 2016, Cicil focuses on distributing loans targeting university students. The fintech company provides financial services to tertiary students for paying tuition fees and purchasing school needs online through monthly installments.

“We see financial access as a real problem for students,” Cicil’s co-founder Leslie Lim said. “Moving forward, Cicil hopes to be able to help overcome the problem, not only in Indonesia but also throughout Southeast Asia.”

Currently, the startup claims to have expanded across 10 provinces and 29 cities in Indonesia and now serves students from more than 100 universities.

According to Managing Partner at East Ventures Willson Cuaca, Cicil is different from loan companies in general because what they target is one of the most critical problems in the country, that is the development of human capacity.

The platform brings a positive impact on the students by providing them financial support for the best educational experience. Financial aside, Cicil also offers an ambassador program to teach students soft skills which allow them to better prepare for the workforce.

“Access to education can lift up and improve living standard. However, the education system is costly in Indonesia,” Wilson said.

“Cicil fills the gap by giving financing to students for their tuition and education tools such as laptop and computer. This helps the student progress forward and align with the national movement to become Energy of Asia,” he added.

Although the financial details of the investment were not disclosed, this latest investment is said to bring Cicil’s total funding aggregation to more than US$5 million.

Competing with Cicil is DanaDidik, a crowdfunding startup that enables Indonesian students to borrow funds from their sponsors, which they can pay back in installments once they have graduated and found a job.

Vietnamese Discount Discovery Startup JAMJA to raise US$860k

JAMJA

JAMJA

13/8/2018 – JAMJA, a Vietnamese technology startup running a search engine for discounts has successfully raised its pre-Series A funding of VND 20 billion (about US$860K) from four major investment funds in Japan and Korea.

The investment funds include two Korea VC firms Nextrans and Bons Angels; KB investment, a subsidiary of KB Financial Group which owns one of the largest Korean financial institution KB Bank; and Framgia, a Japanese information technology corp.

In fact, JAMJA’s pre-A series took place last month after the startup joined the Asiabeat contest held in Korea last year. It was amidst 100 startups that JAMJA won the investment award from Bon Angels.

Earlier the startup has also received investment from homegrown venture capital firm ESP Capital and Foody.vn.

JAMJA’s vision is to become the go-to application for daily deals that customers can use for shopping and dining. It acts as a platform for discount discovery on restaurants, fashion, and beauty products.

Since its inception in 2015, JAMJA has reached nearly 5 million deal views with more than 1 million active users per month.

Taihei Kobayashi, the Managing Director of Framiga Inc said, “JAMJA’s vision and market potential is huge. We believe that it can change the perception of customers with the great promotional platform and the ability to increase the frequency of use of the service.”

JAMJA will use the new funds to rapidly scale up and expand to a variety of markets, from dining and entertainment to beauty care.

It is expected to establish a presence in other major cities throughout Vietnam after Hanoi and Ho Chi Minh City and expand continuously within this year.

“The biggest obstacle we have overcome in this round is to convince investors of the potential of a super daily deal app in Vietnam such as JAMJA, especially after Vietnam Groupon models, a traditional discount voucher platform has remarkably declined in impact,” said Le Hung Viet, the CEO of JAMJA.

“This success is a step that helps us focus on our key growth activities: product development, vertical integration, market expansion, and customer growth,” he added.

Among the platform clients who use JAMJA to promote promotions and increase sales are companies such as The Coffee House, Kichi Kichi, Toco-Toco, Food House, Popeyes etc

JAMJA’s founder also said the company is ready for the next round of fundraising that will take place in the end of 2018.

The startup is aiming to become a discounted super-app in Vietnam with a pioneering hourly discount offering fast scalability and a variety of areas from restaurants, entertainment and beauty to JAMJA.