Indonesia-based UangTeman has reportedly closed its $12m Series A investment round led by K2 Venture Capital.
Other backers to the Series included STI Financial Group and Draper Associates, according to an article by Deal Street Asia.
UangTeman is an online lending platform which offers Indonesian consumers loans of up to 3.5m Rupiah ($261) for a maximum of 30 days. Users apply for a loan on the website and after filling out a form the cash will be paid out within two to three days.
Last year the company received $1m in a pre-Series A funding round, with total funding in the company now reaching around $13m.
Following the transaction K2 Venture Capital ‘s Stanley Wang will join UangTeman’s Digital Alpha Group as a director, according to the article.
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