Danabijak, our partner and LO from Indonesia, has had a busy last few months. In August, they completed their group audit, conducted by JSL & Associates Singapore, for the financial year ending December 2020. The auditors noted that the company kept its accounting and other records properly per the provisions of the Companies Act in Singapore. The audited financial statements are available for Income Marketplace investors on the Danabijak Loan Originator.
This year has been a remarkable success for the Danabijak platform, and has seen them achieve impressive growth metrics. Danabijak’s monthly issuance to new customers has increased 436% (August vs. January). That results in 20% MoM growth. “As a result of good loan performance and strong growth metrics, we are happy to announce that we surpassed USD 1M net portfolio as of August 2021. This has been possible due to strong support from Income Marketplace investors – we thank you for this,” commented Danabijak CEO Markus Prommik
In efforts to support financial inclusion, and provide better services and products to Indonesia’s underbanked borrowers, Danabijak launched instalment loans (2-3 months payment, instead of a single one) with 2-3X principal size compared to the short-term loans. The instalment loan product with lower pricing is directed towards their best borrowers. By advancing the proprietary automated credit scoring and technology platform, the product has achieved promising initial results, and received very good feedback from the borrowers.
Last but not least, existing and new shareholders have noticed the growth and strong performance this year. “We are glad to announce that our Group closed ~ USD 500K equity fundraise in the middle of this year. The investors were existing shareholders such as Kristjan Kangro (CEO of Change) as well as new shareholders incl. Walter Marke de Oude (Founder and Chairman of Singlife). Raising funds from such experienced investors is a testament to the team’s competence and the company’s vision.” adds Markus. The funds raised will be used to accelerate portfolio growth, increase product development, and provide further investment into the credit scoring function.
We at Income are delighted with the transparency, active dialogue, and our co-operation with Danabijak. We are now looking forward to them scaling up their business with the help of our investors.
Read more about Danabijak here
