29/5/2019 – Indonesian proptech startup Gradana said it has recently secured an undisclosed amount in pre-Series A round led by Singapore’s fintech-focused investment firm tryb Group.
The funding will be used to support Gradana’s business and enable it to expand into more cities in Indonesia as well as speed up its product development efforts.
William Susilo Yunior, the co-founder of Gradana added that part of the capital raised will be used to enhance its technology to enable more advanced credit scoring capabilities and faster approvals.
Grandana operates a peer-to-peer (P2P) platform focused on mortgage payment financing. It creates an ecosystem that connects developers, agents, investors, and banks with borrowers to make property more accessible, affordable and investable to the Indonesian mass market.
“Buying or renting a property in Indonesia generally requires a significant down payment or upfront payment that limits the ability of many borrowers to afford the units,” said Grandana co-founder and CEO Angela Oetama.
“With the support of our partners, we have developed an offering for borrowers to work with developers, agents, investors and banks to finance mortgages and rentals while managing risk for all stakeholders,” Oetama added.
According to Indonesia’s Ministry of Public Works and Housing, the country’s housing backlog – the difference between housing needs and availability on the market – is estimated to be around 13.5 million units in 2017, with 500,000 units added every year.
Gradana has the founding team and the technology to become the region’s first digital mortgage company to provide services across the entire mortgage value chain, said Tryb principal Herston Powers.
“Our investment into Gradana is aligned with our thesis that strong founders with innovative business models are able to leverage technology to solve Southeast Asian problems and capture huge markets with high revenue potential,” he said.
Moving forward, Gradana will be looking to serve both new launches from property developers (as primary market) and secondhand units (as secondary market), as well as partnering with more institutional lenders, especially offshore funds.
This news is published on Reuters.