An Around $18.5 Million debt facility has been obtained by the Indonesian fintech company AwanTunai from HSBC.
This funding comes from HSBC’s USD $1 billion ASEAN Growth Fund, which was established in March to assist Southeast Asian businesses that use digital platforms. This fund stresses the borrower’s business potential rather than past performance and collateral, as standard banking loans do.
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The goal of AwanTunai is to fill the estimated USD 50 billion inventory purchase financing gap for Indonesia’s micro, small, and medium-sized companies (MSMEs).
Warung owners can place online orders and check stock levels and prices at hundreds of wholesalers using its AwanToko platform.
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MSMEs can obtain funding for inventory purchases of up to IDR 500 million using the AwanTempo service. Small merchants will be able to run more successfully and efficiently thanks to It’s expansion of these services made possible by HSBC’s facility.
About AwanTunai
AwanTunai digitises Indonesia’s massive cash economy with point-of-sale financing. Thousands of micro-retail merchants can acquire operating capital and accept AwanTunai consumer credit through digital distribution. The financially inclusive firm provides mobile consumer loans to 100 million Indonesians without banking products.
