Most Indonesian Fintech Startups Are Backed by Domestic Investors
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According to the Indonesian Fintech Association (Aftech) report titled *Annual Member Survey 2022/2023*, the majority of Indonesian fintech startups received funding from domestic investors.
"The majority of funds still come from domestic investors, with a proportion of 57.3%," Aftech stated in its report.
Aftech said this proportion decreased compared to the 2021 survey results. At that time, 80% of fintech startups obtained funding from domestic investors.
This year, Singapore ranks second as the largest source of funding for Indonesian fintech startups, with a proportion of 20%, followed by China at 8%.
Furthermore, 5.3% of Indonesian fintech startups were funded by investors from other ASEAN countries, 4% from Japan, 1.3% from the European Union, 1.3% from the United States, and 2.7% from other countries.
Aftech conducted this survey in collaboration with the Katadata Insight Center (KIC), involving 75 respondents representing Aftech member companies. The survey was conducted in the second quarter of 2023 via an online questionnaire.
The majority of companies involved in the survey are located in Jabodetabek (92%), followed by Yogyakarta and Surabaya (1.3%). In terms of the number of employees, 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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