Indonesia’s Dana Cita expands its student loans platform to the Philippines
Indonesian fintech startup Dana Cita has expanded to the Philippines. It will launch in the country under a localized brand, Bukas – a word which can mean both “open” and “tomorrow” in the Filipino language.
Jakarta-based Dana Cita is an online peer-to-peer (P2P) lending platform that helps students access loans to fund their studies, from university degrees through to short vocational courses.
It claims to have borrowers from over 150 educational institutions across 18 of Indonesia’s provinces.
Speaking on stage at Money 20/20 in Singapore today, co-founder Naga Tan said that the platform’s loan default rate is at around 6 percent. “As the portfolio grows, we expect that to number to decrease,” he added.S
Dana Cita was the third Indonesian startup to graduate from Y Combinator’s Silicon Valley accelerator program.
Tan told Tech in Asia that, in addition to Y Combinator, Dana Cita has also received investment from Convergence Ventures, Intudo Ventures, Monk’s Hill Ventures, Patamar Capital, and ThirdStream Partners.
Ride-hailing and payments giant Go-Jek formed a strategic partnership with Dana Cita and two other P2P lenders – Aktivaku and Findaya – in September last year.
“Strong collaboration between financial services providers and technology companies can reach a wider range of people who have difficulty accessing financial services, such as unbanked communities,” Go-Jek president Andre Soelistyo said at the time, while confirming that the P2P lending partnerships would be separate from the company’s Go-Pay payments unit.
See the full article on TechinAsia.