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 arm Central Capital Ventura (CCV) with IDR 200 billion (US$14.26 million) 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).