500 Global provided undisclosed early money to Indonesia-based MFI loan platform Djoin.
The strategic investment will help Djoin speed its go-to-market strategy, scale its team, extend its loan platform, and expand in Indonesia.
More than half of Indonesians lack bank accounts or are underbanked, greatly depending on microfinance organizations, particularly credit unions, for financial services.
Half of the country’s population is served by credit unions, which go out to rural and distant areas in contrast to traditional banks that only service large cities.
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Djoin is an end-to-end banking platform that was co-founded by Wayan Indra Adhi Suputra, Farzikha Soerono, and I Putu Takumi Wijaya to serve the needs of the underbanked and unbanked. Among its financial services are.
“Most people know Bali for its tourism; the collapse of the industry during our COVID-19 pandemic propelled a new generation of local technopreneurs and the emergence of a vibrant innovation ecosystem,” shares Indra Adhi Suputra, CEO and co-founder of Djoin. “By empowering microfinance institutions with homegrown technology that enhances their financial sophistication, we are building stronger and more resilient communities in Indonesia.”
Banking Software as a Service to assist MFIs and their participants with sending, receiving, depositing, and withdrawing money An improved credit decisioning engine to improve the loan underwriting procedures of MFIs ,a tool for loan channeling that connects members, MFIs, and lenders.
According to Djoin, its data-driven interface greatly enhances loan management, lowers non-performing loan levels, boosts operational efficiency, and supports microfinance institutions’ financial stability.
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Microfinance organizations can now finance underbanked communities at reduced interest rates thanks to the solutions. By bridging the US$140 billion financial deficit, this strategy promotes inclusive and sustained economic growth for the country.
According to Djoin, it has enabled loan disbursements of more than Rp700 billion (US$35 million) in 2023. Over 80 microfinance institution clients from Bali, East Java, and East Nusa Tenggara were brought on board by the team, and they were instrumental in bringing down their average non-performing loans (NPL) by 52% between 2022 and 2023.
About Djoin
Djoin is a firm that aims to improve the welfare of grassroots communities by creating a comprehensive digital finance ecosystem for microfinance institutions.
