Mandiri Capital Indonesia to add 4 new startups in insurtech, investment management sectors
Mandiri Capital Indonesia (MCI), a subsidiary of Indonesian state-owned Bank Mandiri Group, announced that it will add four new startups in its company’s portfolio. Specifically, MCI is aiming for startups in the insurtech and investment management sectors, particularly wealth management.
MCI CEO Eddi Danusaputro said that the firm is currently in talks with two startups in the two sectors, so he would not be able to share further details. Once the deal is finalised, the two startups are expected to support Bank Mandiri Group with the technology that they have built.
Danusaputro said that MCI is preparing between IDR40 billion (US$2.8 million) and IDR50 billion (US$3.5 million) to invest this year. The firm also planned to allocate from its own pocket, to participate in follow-up funding for its existing portfolio, for IDR50-60 billion (US$3.5-4.2 million).
Apart from these two startups, Danusaputro also stated that in the future the firm will target startups working in the cybersecurity sector. The sector is considered crucial for all financial institutions, not limited to banks. As technological development gets more advanced, so it the cybersecurity threat that comes with it.
MCI currently has 10 portfolio in the lending, payment, and enterprise solutions sectors. These companies are Jurnal, Cashlez, Amartha, Yokke, Moka, PrivyID, PT Penyelesaian Transaksi Elektronik Nasional (PTEN), Investree, PT DAM, and KoinWorks.