Consolidation and marketplaces were the flavors du jour at the fintech whistlestop in Jakarta
In April 2015, the Startupbootcamp Fintech FastTrack program left the station, heading towards its first stop, Dubai. And after eight and a half months, 16 cities, and God-only-knows how many frequent flyer miles, the final event of the programme took place in Jakarta late last week.
The one-day event was hosted in partnership with the Indonesian bank CIMB Niaga.
“Aside from gaining mentorship for my startup, the reason why I joined FastTrack was the chance speak with many bank executives about Open Financial Exchange (a process of exchanging financial data between institutions using a data-stream technique),” said Ibnu Ulinnuha, Co-founder of Veryfund in an official statement.
Startups are attracted to the event because it is an opportunity to pitch in front Senior Managers at a major Indonesian bank as well as solicit advice from Startupbootcamp Fintech partners.
As Startupbootcamp Fintech is an accelerator, companies participating in the FastTrack are all over the startup lifecycle spectrum. But despite that, and because it is fun to see what new and interesting ideas are out there, let’s take a peek at some startups from Jakarta.
Kanopi is a savings account marketed towards low-income workers in Indonesia. The company taps into the world’s unbanked by providing a branchless, mobile-based, savings account for poor Indonesians.
Rather than pitching itself as an alternative to banks, Kanopi advertises the service as a low-cost technology that should be integrated by banks to acquire unbanked customers at a financially prudent price.
PayBill is, as the name might imply, a billing consolidation service. The SaaS service has a ‘member’ service (the person getting billed) and a section for the ‘biller’ (the company doing the billing).
PayBill also allows users to pre-pay expenses for mobile, electricity, pay-TV and online gaming.
Sikatabis is a mortgage marketplace localised for the Indonesian market. The service let’s users choose between a home, apartment or commercial property and then place guidelines around promotion period (2-years fixed, etc.) and pricing scheme.
It does have some big-name banks on the platform like OCBC, Bank BRI and CIMB Niaga.
The company was wise enough to ‘know your audience’ as there is an entire section dedicated to Sharia mortgages.
Teman Usaha is another marketplace, but mobile-first and only for loans. However, it is not entirely restricted to banks, letting various lending agencies use the service as something of a middle-man.
As mobile-first becomes the reality across Asia, it is interesting to see these companies like Teman Usaha building services, which at first glance would seem to be more desktop-friendly, with little consideration for the computer.
VeryFund is also a banking consolidation app, except with the goal of keeping track of transactions across multiple bank accounts. It is not inconceivable to think this startup could find traction in SMEs (in which business owners often use personal money in the company), freelancers, and e-commerce owners.
Notably, VeryFund got itself a US$100,000 seed fund in June 2015.
So, there you have it, the last station on the Startupbootcamp Fintech FastTrack whistle stop.
As applications for the Startupbootcamp Fintech accelerator closed on Sunday, one would presume the company is gearing up for the March selection days ahead of its accelerator programme scheduled to begin in April in the Lion City.
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