DMS Advises on Series A Funding in Fintech Industry in Indonesia

Leon Yee and Derrick Boo, both of the Singapore office, advised UangTeman, the first online micro loan provider in Indonesia, on its successful Series A equity and debt fundraising of US$12 million from new and existing investors. Indonesia has a large unbanked and underbanked population now accessible on mobile devices and online. “UangTeman has made an impact on Indonesia’s financial technology industry since its launch in April 2015 with its first Series A, which was 4 times oversubscribed,” said UangTeman’s CEO Aidil Zulkifli. The round was co-led by K2 Venture Capital Ltd, Enspire Capital, and UangTeman’s first institutional investor, Alpha JWC Ventures.