BRI Agro Distributes Funding of IDR 100 Billion to Investree
PT Bank Rakyat Indonesia Agroniaga Tbk (BRI Agro) cooperates with PT Investree Radhika Jaya (Investree) in P2P Lending through Investree’s platform as a lender (fund provider or investor). This collaboration step is to expand the digital segment market.
PT Investree Radhika Jaya (Investree) formalized its strategic partnership with PT Bank Rakyat Indonesia Agroniaga Tbk (BRI Agro) by signing a Cooperation Agreement on Funding for Funding through the Investree Platform.
The Acting Director of BRI Agro, Ebeneser Girsang, and Chief of Sales Investree, Salman Baharuddin, did the Cooperation Agreement’s signing at the BRI Agro Building, South Jakarta.
This cooperation establishes BRI Agro as one of the Investree Institution Lenders that will fund various loans proposed by Investree’s Borrowers, the majority of which are Small & Medium Enterprises (SMEs) from various business fields.
Funds of IDR 100 billion are ready to be disbursed by BRI Agro in the context of optimizing data and technology as well as ease and speed to encourage the growth of SME businesses in the country.
Acting Director of BRI Agro Ebeneser Girsang said at the initial stage the company would distribute IDR 100 billion in loans to Investree. “Outstanding per day has distributed IDR 4 billion because it has begun several days. For this year’s ceiling we provide IDR 100 billion to Investree,” he said in a written statement, Friday (10/1).
According to him, this cooperation is also to utilize technology, so that it can encourage the development of micro, small and medium enterprises (MSMEs) through the expansion of target markets. The provision of an initial stage of IDR 100 billion is expected to contribute to MSMEs.
Previously, BNI Agro Has Disbursed Loans through Pinang
Ebeneser said that BRI Agro also has a digital credit distribution platform, namely Pinjaman Tenang (Pinang) based on payroll. The cooperation with Investree expands the company’s business, so that it does not only provide payroll-based online loans but can also be based on invoices through a third party, like Investree.
“If Pinang is based on an existing payroll, with Investree based on invoices, we will make more choices later so that it is not only payroll, there will also be non-payrolls,” he said.
Until December 2019, lending through Pinang amounted to IDR 30 billion. This year is expected to increase with the ease of service provided.
The reason for choosing to work with Investree is because it has MSME borrowers with a measured level of risk, so BRI Agro decided to take part in becoming an Investree’s lender.
“We hope that this collaboration can serve the wider community and banking collaboration with fintech is very strategic to expand financing access to MSME entrepreneurs with the technological innovation owned by fintech,” he said.
Investree Enthusiastic Collaborates with BRI Agro to Support SMEs in Indonesia
While Investree Sales and Business Director Salman Baharudin added that the first collaboration conducted by Investree with financial institutions was in 2018 with PT Bank Rakyat Indonesia (Persero) Tbk (BRI), which is the parent company of BRI Agro.
“The first collaboration was in 2018 with BRI, until last December they had channeled over IDR 210 billion with an NPL of 0 percent, so the first time we met BRI Agro we were enthusiastic too, MSMEs needed working capital support and we had technology, so BRI Agro could enter funding, “he explained.
Until early January 2020, Investree managed to record a record total loan facility of IDR 4.46 trillion and loan value disbursed IDR 3.33 trillion with an average rate of return of 16.1% p.a. and TKB90: 99%.
Investree was also awarded as the “Best Fintech of the Year” by The Asset Magazine, “Best P2P Lending Platform for SMEs” by The Asian Banker, and “30 Most Promising Growth-Stage Startups” by Forbes Indonesia.