CEO MDI Ventures Donald Wihardja (third from right) with CEO dan Co-Founder Cermati.com Andhy Koesnandar (center), Managing Partner Centauri Fund Kenneth Li (far right), Vice President Investment MDI Ventures Aldi Hartanto (second from right), Chief Business Officer Cermati.com Carlo Gandasubrata (far left), Chief Technology Officer Cermati.com Oby Sumampouw (third from left) and CEO Central Capital Ventura Armand Widjaja (second from left) posed for a photo after the signing of Series C funding for Cermati in Jakarta recently.

Jakarta, 5 May 2021 – In its efforts to foster innovation by local developers, PT Telkom Indonesia (Persero) Tbk (Telkom) through its subsidiary, MDI Ventures took part in Series C funding for Cermati in April 2021. The Series C funding will be used to build teams, improve, and expand product offerings, develop technology, expand partnerships and product distribution.

Cermati is one of Indonesian fintech companies that offers a variety of financial products to more than 20 million users. One of the products is Cermati.com, a marketplace for financial products with the largest traffic in Indonesia. Its business lines included fintech lending and digital insurance through Cermati Protec. Cermati plans to develop micro insurance and micro lending products using Big Data and AI that target untapped markets.

With TelkomGroup’s support as one of its main investors, Cermati will expand their product distribution through the extensive network that TelkomGroup and other companies and state-owned enterprises own. "We also support Cermati to offer micro insurance and micro lending products so they play an important role in Indonesia's financial inclusion," CEO of MDI Ventures, Donald Wihardja said.

KB Financial Group and MDI Ventures also take part in Cermati's investment through the KB-MDI Centauri Fund. "We see that Cermati is one of the fintech companies that has huge growth potential. With TelkomGroup and KB Financial Group’s ecosystems, we can help accelerate financial penetration to the unbanked and underbanked population in Indonesia through Cermati," Managing Partner of Centauri Fund , Kenneth Li said.

CEO and Co-Founder of Cermati.com, Andhy Koesnandar said recently, "We are very pleased to partner with MDI Ventures, which has expertise in grooming startup companies. We hope we can benefit from MDI's strong network within the TelkomGroup and state-owned enterprises, to increase our products and assets capabilities. These investments and synergies will accelerate our vision in using technology for financial inclusion."

In line with TelkomGroup’s spirit in its transformation into a digital telecommunications company that focuses on the digital business domain, the collaboration with Cermati is a response to the challenges in the digital industry, supporting national digitization, and to internalize the transformation agenda.

Investment in Cermati will complement the digital fintech ecosystem that MDI is developing as TelkomGroup's corporate venture capital. "In the future, we hope that there will be opportunities for collaboration between TelkomGroup's subsidiaries and business unit entities with Cermati to produce innovative digital products, especially in the financial services sector so that they can have a positive impact on all levels of Indonesian society.

To date, MDI has invested in more than 50 startups in Indonesia and around the world. In 2021, MDI will focus on investment in Fintech, Agritech, Logistics, Health, New Retail and Deep Tech. "MDI's consistency in investing in startups is a manifestation of TelkomGroup's commitment to strengthening digital businesses in the country and supporting the acceleration of Indonesia's digitalization," Budi Setyawan said.

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