Funding Sources for Indonesian Fintech Startups: Venture Capital Predominates
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According to the Indonesian Fintech Association (Aftech) report titled *Annual Member Survey 2022/2023*, the majority of Indonesian fintech startups are funded by venture capital.
38.7% of the surveyed fintech startups received funding from venture capital firms. "This highlights the high investor interest in the potential and opportunities within Indonesia's fintech industry," stated Aftech in its report.
Meanwhile, 36% of respondents used self-funding. Aftech noted that this self-funding reflects the dedication and confidence of fintech entrepreneurs in their business models.
Aftech stated that this funding pattern for Indonesian fintech startups represents a shift from the 2021 survey results. At that time, 43.9% of respondents used self-funding, exceeding the 39% who received venture capital funding.
"This situation demonstrates investor confidence in the fintech industry, even amidst the threat of a slowing global economy," said Aftech.
The survey also showed that the majority of funding still comes from domestic investors (57.3%), followed by investors from Singapore (20%) and China (8%).
Aftech conducted this survey in collaboration with the Katadata Insight Center (KIC), involving 75 respondents representing Aftech member companies. The survey was conducted in Q2 2023 via an online questionnaire.
Most of the companies involved in the survey are located in the Jabodetabek area (92%), followed by Yogyakarta and Surabaya (1.3%). In terms of employee numbers, the majority of companies have fewer than 50 employees (50.6%), followed by 51-100 employees (24%).
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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