AwanTunai Earns US$ 56.2 Million in Series A2 Funding Round

AwanTunai, a business solutions platform for traditional offline wholesalers and retailers, received fresh equity funding of US$ 11.2 million from new investors BRI Ventures and OCBC NISP Ventura, as well as funding participation from Insignia Ventures and Global Brains. 

In addition, Accial Capital and Bank OCBC NISP have also disbursed loan facilities worth more than US$ 45 million to support the AwanTunai group’s fintech business in Indonesia. 

Funding in series A2, according to AwanTunai Chief Executive Officer Dino Setiawan, will be used to finance domestic expansion. 

It aims to continue its commitment to empower and advance the MSMEs in Indonesia by providing fast and affordable access to finance. It builds a data infrastructure with the aim to digitize offline inventory purchase transactions. 

The data is effective for credit risk management and opens up opportunities for micro MSMEs that previously had minimal access to access working capital from the company’s partner banking institutions. 

“That way, MSMEs can access working capital from banking institutions. We hope that CloudTunai will become a platform that allows the banking industry to reach millions of traditional MSMEs that previously had difficulty obtaining services,” said Dino Setiawan again. 

He also added that this startup provides more access to working capital for underbanked MSMEs with better access to working capital. 

Has Served More than Eight Thousand Users All Over Indonesia 

AwanTunai in addition to providing digital services for ordering supplies, payments and consumer management for traditional wholesalers and retailers, also provides financing for purchasing supplies to suppliers of FMCG (fast-moving consumer goods) and micro traders of everyday foodstuffs. 

MSMEs in Indonesia can purchase their inventory online through AwanToko mobile app which can access affordable financing through a simple process of registering with an Indonesian Identity Card. 

As of June 2021, AwanTunai has collaborated with more than 160 supplier partners to help traditional wholesalers digitize and finance their businesses, as well as provide integrated online ordering and inventory financing for micro MSME shop consumers through the its mobile app. 

The startup has also served more than 8 thousands of micro merchants as users, with an increasing number of users coming from tier 2 – 3 cities in Indonesia. 

“They provide more access to working capital for underbanked MSMEs with better access to working capital. We are proud to continue our support for AwanTunai to increase the role of MSMEs in Indonesia,” said Dary Ratulangi, Managing Director of OCBC NISP Ventura. 

The Customer’s Profiles are Similar with BRI’s 

The CEO of BRI Ventures, Nicko Widjaja, said that AwanTunai has a customer profile similar to Bank BRI. It’s also revealed that the success of raising funding in the midst of the pandemic is a proof of investor confidence in this startup’s business. 

“By empowering micro-merchants, AwanTunai has helped small businesses maintain and develop their businesses in these difficult times. We hope to collaborate further with AwanTunai to reach MSMEs that have been underserved so far,” said Nicko Widjaja again. 

According to Accial Capital’s Chief Investment Officer, Michael Shum, supporting supply chain resilience and MSMEs is the top priority in this crisis. 

The advancement of CloudTunai data has enabled their ecosystem of cash-based suppliers and micro-merchants to achieve greater income and better cash flow management through the brand platform. 

“Their strong execution during the pandemic is a major reason we are proud to affirm our commitment to their vision by increasing our investment to support this team in their next stage of development,” said Michael. 

Previously, the company had collaborated with SayurBox to distribute loans to MSME farmers. Both startups provide easy access to low-cost formal invoice financing. 

In an effort to develop the program, AwanTunai and SayurBox also formed a partnership with the Swiss Capacity Building Facility (SCBF) to facilitate funding technical assistance.