UpBanx Debuts, Take Advantage of People’s Capital P2P Lending License

The fintech platform UpBanx is starting to open up to the public, after going through stealth mode for almost a year of operation. The company utilizes Modal Rakyat’s p2p lending license to develop a digital banking platform for creators and brands.

To DailySocial.id, “The minus is, because UpBanx does not provide direct financing, we don’t have approval, even though according to our team they are potential leads. UpBanx must continue to follow approval from P2P,” he said.

Another thing that is also a concern about the lack of utilizing the P2P lending license is the nominal loan amount which is set at a maximum of IDR 2 billion, according to OJK regulations.

However, according to Wafa, UpBanx will always try to find a way, for example by collaborating with other P2P so that borrowers who need more funds can still be accommodated.

Previously, there was news that UpBanx would utilize the BPR Central Mandiri license and be supported by Fazz Financial’s fintech ecosystem.

Wafa also denied that the plan to use the People’s Capital license existed from the start. “There is no shift in focus, the plan for cooperation with People’s Capital has been there from the start.”

The Beginning of UpBanx

UpBanx itself was born from a discussion by Wafa with Hendra Kwik (CEO of Fazz Financial) who advised him to combine all his experiences in managing brands [from Shopee], creators [from YouTube], and fintech [from Modal Rakyat] into one.

UpBanx was launched with the hope of solving pain points related to financing that creators often face. In addition, we want to provide a platform for this ecosystem to be able to collaborate with each other, up to optimizing crypto assets and NFT for their monetization. UpBanx joins Y Combinator batch Winter 2022.

Wafa admitted that at first he was just trying to register in Y-Combinator. However, it turned out that the startup was successful.

“Once you enter, you can’t play around anymore because you are required to sign a number of legal documents, including one of them having to resign from your old office for full time at this new startup. I am very grateful for the attention from investors that finally closed the funding yesterday,” added Wafa in a formal manner. separately in an interview.

Explained further, the user experience of both brands and creators will be fully catered for in one application. They will be met with other parties, such as buying and selling transactions or in terms of financing.

When users register and apply for financing, the UpBanx team will immediately follow up by exploring the needs of the brand/creator itself so that the UpBanx solution provided can be more targeted.

“So brands and creators seem to have their own advisors regarding financing needs and other products at UpBanx. The hope is that it will be more appropriate to get financing solutions and the creator side. Then we got information from several prospective debtors who had difficulty applying directly to P2P and were not followed up.”

Facilitating Collaboration between Creators and Brands

Apart from providing financial solutions, UpBanx will also facilitate seamless collaboration between creators and brands. In the near future, the company will act as a Web3 launch platform for creators and brands, to increase engagement with fans in new, innovative ways.

In its development, UpBanx has been supported by a range of investors and angel investors. The names are Y Combinator, Alpha JWC Ventures, Alto Partners Multi-Family Office, Number Capital, UBI Capital, Raffi Ahmad and Nagita Slavina, Collab Asia and DRM (Digital Chain Maya) creator network, and a number of well-known angel investors.

Included in the ranks of these angel investors are Melvin Hade (GFC Partner), Hendra Kwik (CEO of Fazz Financial), Hendoko Kwik (CEO of Modal Rakyat), Budi Handoko (CEO of Shipper), and Arya Setiadharma (CEO of Prasetia Dwidharma).

Currently the UpBanx application can be downloaded on the Play Store and is in the testing stage for the App Store. The waiting list for users has been opened before it is officially launched to the public.