P2P lending platform Modal Rakyat said to raise funding

Peer-to-peer lending platform Modal Rakyat has reportedly secured funding from Fazz Financial Group.

In addition to the investment, the company has received a license from Indonesia’s Financial Services Authority, according to a report from Deal Street Asia. This approval will help the FinTech develop new products and expand its lending reach more micro, small and medium-sized businesses (MSMEs).

The size of the investment was not disclosed.

Modal Rakyat is a peer-to-peer lending platform that helps MSMEs. One of its features is “productive pay-later”, which can be used for point of sales and payment point online banks

Earlier in the week, fellow Indonesian FinTech company Cermati closed its Series C round. The company claims to leverage technology to make financial information more available and more useful.

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