Mapan, an Indonesian startup that is dedicated to lowering obstacles to financial access for the general public, revealed that it has completed a successful $15 million Series A financing.
The round was co-anchored by Patamar Capita and PT Astra Digital Internasional and backed by Indonesian behemoths BRI Ventures, SMDV, Blibli, and Prasetia Dwidharma as well as international venture capital firms Flourish Ventures and 500 Global.
With this successful fundraising, Mapan said it will now focus on developing its core Arisan service through product line expansion and strategic alliances with leading suppliers.
Arisan is a type of informal social gathering that is a part of Indonesian culture. Participants take turns buying goods for the group. The company also plans to broaden its reach and offer a wider range of Arisan schemes, with the goal of reaching 10 million Indonesian households by 2026 with its digitized Arisan product.
Mapan will also launch other products to further financial inclusion and increase access to funding sources for the general public in Indonesia, where 51% of adults lack access to banks or other formal financial institutions.
Ardelia Apti, the recently appointed CEO of Mapan, said Arisan is the embodiment of the process through which women manage the finances of their families in Indonesia.
“We are honored that through the Mapan Arisan product, they have been empowered to help their communities improve their ability to purchase household goods, thus boosting their quality of life. We are committed to continuing to work closely with them to evolve our solutions that provide life-changing financial access at scale,” Apti added.
Dondi Hananto, Partner at Patamar Capital, said Mapan brought scalability to the age-old practice by digitizing the concept of Arisan.
Aldi Haryopratomo, Mapan’s founder and a member of the Board of Commissioners, said this new fundraising round from a strong base of both Indonesian and international investors, they are excited by the new phase that is being ushered in.
Mapan has operations in Java, Bali, Sumatera, Nusa Tenggara, and Sulawesi at the moment, and it intends to do so throughout the rest of Indonesia.