GandengTangan to Complete Series A Fundraising Immediately
The peer-to-peerlending platform GandengTangan in 2021 managed to disburse loans of up to IDR 40.5 billion, a 10-fold increase from the previous year.
In the same year, GandengTangan also obtained a licensed status from the OJK. Even though the 2020 pandemic disrupted the growth of Hand in Hand, in 2021 they have recorded a record number of loan disbursements since their inception.
Deepen Cooperation with Banks
Co-Founder & CEO of GandengTangan Jezzie Setiawan said the startup has added strategic partnerships with various parties. One of them is with Bank Sulselbar.
The cooperation will proceed to a deeper integration stage; earlier this year the GandengTangan platform will be used in 32 branches of Bank Sulselbar.
We have carried out socialization to roll out at 32 branches of Bank Sulselbar. We hope that this strategic collaboration can provide opportunities for MSMEs to get loans from banks, said Jezzie.
Although it is quite a difficult process that fintech platforms such as GandengTangan have to go through to be able to establish strategic cooperation with regional banks, this opportunity is considered to be able to directly target MSME actors.
Due to the high risk of banks providing loans to micro-enterprises, collaboration with fintech platforms is very relevant. GandengTangan has also collaborated with BRI. Currently, with BRI, piloting has also been carried out in Tasikmalaya.
GandengTangan already has 10 institutional lenders including banks and venture capital firms; and 20 thousand individual lenders. Individual lenders come from various regions in Indonesia.
As for institutional lenders, most of them are still on the islands of Java and West Sulawesi. GandengTangan also currently has a borrower category from micro to medium class MSME actors.
There are currently around 25 thousand registered borrowers throughout Indonesia. We have managed to maintain NPL at 3% and TKB90 around 97%, said Jezzie.
The commitment to become a safe and protected platform is realized by Hand in hand by strengthening the risk management system. The steps taken are the use of various payment security methods and the application of a more comprehensive credit scoring model.
New Innovations and Fundraising
In particular, GandengTangan currently has 3 superior products. Among them are for micro MSME players who use cooperatives to digital platforms as their partners, then there is also invoice financing, and the last one is distributing a loan limit of IDR 250 million with an interest rate of 6% per year.
This service can be realized thanks to the support of PT Bahana Artha Ventura, which is also an investor of GandengTangan. Meanwhile, for the invoice financing scheme, MSMEs can use unpaid invoices as collateral to obtain funding with a limit of IDR 2 billion.
Individual businesses can also apply for funding with a limit of IDR 25 million through GandengTangan thanks to partnerships with cooperatives and microfinance institutions (LKM).
This year we are focusing on developing a series of funding innovations to make it easier for MSMEs to run their business. We have started some of these innovations at the beginning of this year, said Jezzie.
Another plan that wants to be launched is to raise funds for the series A stage. Still in the finalization process, GandengTangan targets to be able to pocket the fresh funds in the second quarter of this year.
Later, the funding will be used by GandengTangan to expand collaboration by developing API technology. So that it can be embedded in various platforms.
Currently, GandengTangan has a special application for lenders. Meanwhile, for borrowers, there are options for access via the website or through cooperative partners to digital platforms that establish strategic partnerships with GandengTangan.
If 2021 is the year of the rise of MSMEs, this year we hope MSMEs can grow even more. GandengTangan will always be ready to accompany him to achieve success, concluded Jezzie.