The online peer-to-peer (P2P) lending company will use the investment to accelerate its mission to improve the funding access to Indonesia’s Micro Small Medium Enterprises (MSMEs).

Komunal was registered in OJK (Indonesian Financial Service Authority) in February 2019 and started operation in March 2019.

After eight months, Komunal claimed to have channeled around Rp 50 billion of loans to good quality MSMEs, mostly located in the East Java area.

As of June 2019, the P2P loan transaction reached Rp 45 trillion on a cumulative basis, up 97.7 percent from December 2018.

“Through Komunal, we want to help potential MSMEs to thrive and substantially improve Indonesia’s economy, as well as reduce inequality,” Hendry Lieviant, the Co-founder of Komunal, said.