Receiving Funding, GandengTangan Ready to Strengthen MSMEs
In April 2020, the pioneer of crowdlending startup, GandengTangan officially received investment funding from PT Bahana Artha Ventura (BAV), an Indonesian venture capital company from the BAHANA (Persero) Group of Companies, with an undisclosed value.
Besides BAV, the BAHANA Group of Companies also houses other investment companies, such as Bahana Sekuritas and Bahana TCW Investment Management.
Despite being in the midst of the Covid-19 pandemic, CEO of GandengTangan, Jezzie Setiawan said that GandengTangan and BAV were optimistic that they would start a joint step in supporting Indonesia’s micro, small and medium enterprises (MSMEs) to continue developing through the GandengTangan platform.
“During the Covid-19 pandemic, micro-entrepreneurs were one of the sectors affected. Through this funding, GandengTangan will boost Indonesia’s MSME funding to grow back as a national economic resilience sector and be ready to explore several areas that we have not yet served,” Jezzie Setiawan said.
As a financial technology company (Tekfin) that deals directly with micro-businesses, GandengTangan has a mission to serve micro-businesses that have not yet been served. This is in line with BAV’s journey in developing the real sector through financing to MSMEs.
Together with BAV, GandengTangan will allocate this new funding to expand the network through cooperatives and Baitul Maal wat Tamwil (BMT), as well as expand to various regions to reach all of Indonesia through the Regional Venture Capital Company (PMVD).
GandengTangan will Expand Partnerships with Online Platforms
This funding will also be used by GandengTangan to expand partnerships with online platforms and provide financing for online-based microbusinesses. That way, more and more micro businesses have the opportunity to get capital financing for their businesses.
Throughout 2019, GandengTangan has disbursed more than Rp. 14 billion in loans to 3,500 Indonesian micro-entrepreneurs, which were raised from 19,000 registered funders. In November last year, GandengTangan was chosen as one of the creative economy actors who received an incentive fund from the 2019 Creative Economy Agency (Bekraf).
In the same year, GandengTangan also received financial support from UNCDF (United Nations Capital Development Fund), one of the United Nations agencies that focus on financial inclusion, and from the DBS Foundation Singapore which focuses on developing social entrepreneurship in Asia and facilitated by Bank DBS Indonesia.
So far, the Tekfin platform has collaborated with several Baitul Maal wat Tamwil (BMT) in Java and the South Sulawesi Bank to be able to reach more users and develop Indonesia’s microeconomics.
Another effort that has been made by GandengTangan is to present the latest product, namely GandengKios. This product is a financing inventory that provides non-cash or in-kind financing.
During the Pandemic, this Startup Distributed 1,000 Fabric Masks and PPE
Help Indonesia fight the Covid-19 pandemic, GandengTangan, one of the crowdlending platform pioneers which is one of Bank DBS Indonesia’s social entrepreneur partners, distributing 1,000 fabric masks and Personal Protective Equipment (PPE) to the Puskesmas and the community.
As a financial technology company (Tekfin) that is directly involved with micro-businesses, GandengTangan also empowers its tailoring partners in the process of making fabric masks and PPE.
“Through this activity, we hope that we can help people who are still active outside the home to always anticipate the distribution of Covid-19 in the surrounding environment. At the same time helping medical staff in the District Health Center, who are at the forefront of fighting the Covid-19 pandemic by using proper PPE, CEO of GandengTangan Jezzie Setiawan said.
The efforts made by GandengTangan following the DNA of Bank DBS Indonesia to become an institution that is driven by sustainable goals. Through the DBS Foundation, the first foundation in Singapore dedicated to fighting for social entrepreneurship, Bank DBS Indonesia continues to innovate to become a bank that promotes a balance between economic, social, and environmental.