As one of the largest and fastest growing peer to business (P2B) Lending platforms in South East Asia, Crowdo announced the global launch of its mobile app, “Crowdo Connect”, to connect Indonesia SMEs seeking financing with a global community of investors. The mobile app is now available on Google Play store in 140 different countries.
Said Crowdo Indonesia Representative Cally Alexandra (Cally), “The launch of Crowdo’s mobile app, “Crowdo Connect”, is in line with our vision with connecting Indonesia’s best SMEs with not only local Indonesia Investors but also a global community of Investors. Now Investors from across the world can help finance the growth of an Indonesia SME with a few clicks and on the go. Indonesian SMEs benefit from an additional source of capital to help them finance their next stage of growth. Our aim is to process SME business loans ranging 1 to 2bn IDR within a few hours time”.
There are more than 60 million Small Medium Size Enterprises (SME) in Indonesia and according to a Bank of Indonesia Study, and more than 60% of them consider themselves either not addressed or underserved by conventional financial institutions such as banks. Solutions such as P2B Lending are aimed at supplementing existing financial services and products so that SMEs have a efficient, fast and transparent way to raise funds.
The launch of Crowdo Connect is in line with Crowdo’s goal is to bring product innovation to the forefront of SME financing. We are already seeing that people are spending more time on their mobile apps than ever before for a variety of reasons. There are already 2 billion mobile phone users worldwide, and studies show that the average individual uses 27 apps per month and spends an average of 37 hours per month on them. Crowdo’s aim is for Crowdo Connect to become the preferred P2B Lending app that people use on a daily basis.
P2B Lending in Indonesia is becoming a mainstream effort to help promote financial inclusion and help local Indonesia businesses grow. To that effect, OJK had announced in last December 2016 the P.OJK No. 77 / P.OJK.01 / 2016 which set the ground work for regulating P2B Lending. Said Cally “We welcome these developments by the OJK and feel that the frame work is globally competitive, and would positively benefit local SMEs”.
In regards to future plans, Crowdo Indonesia representative Cally said: “Our goal is to become the number 1 and undisputed P2B lending champion in Indonesia. Our short terms plans include growing our presence nationally in Indonesia and expanding our SME loan products. Meanwhile we continue to form partnerships to provide financing value add to partner who already cater to large SME communities”.