MilikiRumah, a rising PropTech startup based in Singapore and Indonesia, is setting its sights on raising $10 million to address the housing challenges faced by Indonesia’s unbankable population.
This ambitious funding goal aims to expand the company’s reach, particularly through its innovative rent-to-own program and AI-powered credit scoring tool, which are designed to bridge the financial gap for those excluded from traditional mortgage systems.
The Housing Crisis in Indonesia
Indonesia faces a significant housing deficit, with millions of low-income individuals unable to access home loans due to a lack of credit history or formal income documentation.
Historically, this unbankable demographic has been overlooked by conventional financial institutions, leaving them with few options to achieve homeownership, often resorting to informal and risky arrangements.
MilikiRumah’s Innovative Approach
The company’s rent-to-own model offers a lifeline, allowing aspiring homeowners to pay in installments over time while eventually securing ownership of their property.
Additionally, MilikiRumah’s AI-driven credit scoring tool is gaining traction, providing an alternative assessment of creditworthiness that could potentially outpace revenue from the rent-to-own program, according to recent reports.
Impact on Communities and Economy
By targeting this underserved market, MilikiRumah is not only empowering individuals but also contributing to Indonesia’s broader economic growth through increased property ownership and financial inclusion.
The potential social impact is immense, as stable housing is linked to improved quality of life, better educational outcomes, and stronger community ties.
Looking Ahead: Challenges and Opportunities
Looking to the future, the company faces challenges such as scaling operations and navigating regulatory landscapes, but the growing demand for alternative financing solutions presents a significant opportunity.
With plans to potentially raise up to $50 million for its rent-to-own fund as reported by sources like TechNode Global, MilikiRumah is poised for substantial growth in the PropTech sector.
Ultimately, the success of this $10 million fundraising effort could redefine how homeownership is achieved for Indonesia’s unbankable population, setting a precedent for similar initiatives across Southeast Asia.
Alfred Lee
