UangTeman pulls in funding to process more micro-loans

Indonesian micro-lending firm UangTeman has raised an undisclosed pre-Series A round in equity funding.

The company says the investment was led by a “major South-East Asian banking group” with two other Indonesian institutional investors also participating.

UangTeman says it’s also taking on $735,000 in debt financing.

The company is also announcing the addition of regional entrepreneur Steve Ting to its board of directors.

Ting is the founder of Singapore Exchange-listed IT firm Frontline Technologies, which BT acquired in 2007.

UangTeman says it will use the new funding to invest in its engineering capabilities, in particular its big data infrastructure with the aim of accelerating the pace at which it can approve loans.

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