Indonesian bank BCA’s VC arm gets US$14 million boost

Indonesia’s largest private lender by assets, Bank Central Asia (BCA) has pumped up its venture capital Central Capital Ventura (CCV) with IDR 200 billion (US$14.26 ) to pursue fintech investments according to a DealStreetAsia report.

CCV typically backs Series A plus startups with the ticket size of US$500,000 to US$2 million. Its investment thesis covers fintech, insurtech, big data, deep tech and IoT bets related to the financial services space.

In a filing with the Indonesia Stock Exchange (IDX) last week, BCA said that CCV has a strategic role to collaborate with fintech companies and CCV president director Armand Wijaya told the media that this investment will be allocated as additional capital in fintech startups. BCA holds a 99.99 per cent stake in CCV and it is the eighth sister company under the BCA Group.

The company set aside an allocation of US$15 million in 2017 for investments in fintech and thus CCV has nine companies under its portfolio: Qoala (Jakarta-based insurtech firm), Airwallex (Australia-based cross-border transaction provider), GPN (national payment gateway), Element (US-based artificial intelligence), KlikACC (P2P lending firm), JULO (marketplace lending), Pomona (ad platform), Impact Credit Solutions (credit aggregator for consumers), and Wallex (currency payment processor).

Indonesia saw the launch of the country’s first -led VC in 2015 when Bank Mandiri set up Mandiri Capital Indonesia. The move was followed by BCA two years later. Now, other state-controlled lenders – Bank BRI, BNI and BTN – have set up VC firms to invest in fintech companies to add synergy to their core line of business.

[ad_2]

You might also like More from author

Leave A Reply

Your email address will not be published.