Indonesia’s fintech sector has emerged as one of the most dynamic and heavily invested startup ecosystems in Southeast Asia.
Sitting as the world’s fourth most populous nation with a massive population of over 270 million, high smartphone penetration, and a large segment of unbanked or underbanked citizens, the country presents fertile ground for digital finance solutions.
Over the past decade, this environment has attracted significant interest from global venture capitalists and financial institutions alike. At the heart of this ecosystem are the top-funded fintech companies that are shaping the digital transformation of financial services in the archipelago.
This article presents a ranked list of the five most funded fintechs in Indonesia as of 2025. The ranking is based on total capital raised.
These companies span the country’s most vital verticals. Mostly are digital credit, payments infrastructure, peer-to-peer lending, and e-wallets, underscoring the breadth of Indonesia’s fintech leadership.
Last Updated: 07 May 2025
Disclaimer:
- All monetary values were converted based on the currency exchange rate as of 07 May 2025, with USD $1.00 equivalent to IDR Rp16,800.
- The funding figures mentioned are based on publicly disclosed information from various news outlets and databases. Only companies with publicly available funding data have been included in this article.
A List of the 5 Most Funded Fintechs in Indonesia
Kredivo Holdings – USD $660 Million
Topping the list is Kredivo Holdings, the parent company of the popular BNPL platform Kredivo and Krom Bank Indonesia. To date, it has secured a total of USD $660 million in funding. This includes equity rounds and multiple debt facilities.
Kredivo operates primarily in Indonesia, though its parent entity is headquartered in Singapore.
The company’s core products include instant credit for online and offline purchases, personal loans, and digital banking services through Krom Bank. It also operates a P2P lending platform, KrediFazz.
Like Akulaku (which we will talk about later), Kredivo is focused on improving access to consumer credit using real-time credit scoring powered by proprietary AI.
Its backers include Mizuho Financial Group, Square Peg Capital, Jungle Ventures, Openspace Ventures, Naver Financial, Mirae Asset, Victory Park Capital Advisors, MDI Ventures, and Alpha JWC Ventures.
The company’s most prominent funding round was its USD $270 million Series D led by Mizuho Bank in March 2023.
Xendit – USD $538 Million
Xendit is the second most funded fintech in Indonesia, with a total of roughly USD $538 million in equity raised.
Founded by Moses Lo and Tessa Wijaya, Xendit provides payment infrastructure across Southeast Asia. The company enables businesses to accept a wide range of payment methods and perform disbursements with ease. Its customers include Grab, Wise, Traveloka, Samsung Indonesia, and ShopBack.
Xendit emerged from the Y Combinator accelerator program and has since become one of the cornerstones of the region’s digital payments infrastructure.
Its backers include top-tier global investors. They include Coatue, Insight Partners, Tiger Global Management, Accel, Kleiner Perkins, EV Growth, Intudo Ventures, and GMO Venture Partners. Its largest funding events include a USD $300 million Series D in May 2022 and a USD $150 million Series C in September 2021.
Akulaku – USD $430 Million
Occupying the third position in our most funded fintech company in Indonesia list is Akulaku.
As of today, the company has raised approximately USD $430 million in total funding. The company, along with Xendit, is the two most funded fintech startups in Indonesia, as per our list.
Akulaku began as a consumer credit and BNPL provider and has since expanded into digital investment (Asetku) and neobanking (via Bank Neo Commerce).
Akulaku primarily targets the underserved and underbanked populations in Indonesia, the Philippines, Vietnam, and Malaysia. The company has reached unicorn status with a valuation estimated at around USD $2 billion as per CB Insights.
Its investors include major financial institutions and venture firms such as Ant Group, HSBC, MUFG, Siam Commercial Bank, Peak XV Partners, Eight Roads Ventures, DCM Ventures, and IDG Capital.
Recent high-profile series funding events include a Series E funding round back in 2022 by Siam Commercial Bank.
Investree – USD $254 Million
Taking the fourth spot is Investree, one of the early movers in Indonesia’s peer-to-peer SME lending segment. The company has raised around USD $254 million in equity.
Established in 2015, Investree specialises in invoice financing and business loans, and has expanded into Thailand and the Philippines. It also acquired a stake in Bank Amar to bolster its lending reach.
However, its recent history has been marred by significant controversy. Reports in 2024 highlighted liquidity issues, delayed Series D funding, and NPL ratios that surged to 16%, drawing regulatory scrutiny.
Compounding these problems was a scandal involving Co-Founder and then-CEO Adrian Gunadi, who was reportedly dismissed in 2024 amid mounting financial and governance concerns. Despite these challenges, Investree retains backing from investors like SBI Group, BRI Ventures, MUFG Innovation Partners, and Kejora Ventures.
Dana – USD $250 Million
Rounding off the list of the most funded fintechs in Indonesia is Dana, one of the country’s digital wallets. The company poses around USD $250 million in confirmed equity funding. Founded in 2017 and launched in 2018, helmed by former Alipay Indonesia lead Vincent Henry Iswaratioso, Dana has scaled rapidly across the country.
The platform enables QRIS payments, peer-to-peer transfers, and online and offline purchases. Dana’s reported user base, between 115 and 170 million users, and average of 10 million daily transactions embed it deeply in Indonesia’s digital payment ecosystem.
Dana’s funding includes a major round in August 2022 backed by Sinar Mas Group and Lazada Group (an Alibaba subsidiary). Its original investors include Ant Group and Emtek.
The company also achieved unicorn status with a valuation between USD $1.04 billion and USD $1.2 billion. Leveraging ecosystem synergies from both retail and e-commerce backers, Dana competes effectively in the highly contested digital wallet landscape.
Indonesia’s Fintech Sector Must Scale with Caution
These five companies represent the pinnacle of Indonesia’s fintech investment landscape as of 2025.
Together, they signal both the scale of investor interest and the diversity of business models gaining traction in the country. The concentration of capital in digital lending and payment infrastructure highlights where investors see the largest unmet needs and monetisation opportunities.
As Indonesia’s fintech sector continues to mature, the emphasis is shifting from growth to profitability, risk governance, and ecosystem integration. This mirrors broader regional and global trends as venture capital becomes more cautious and market forces hold fintechs to higher performance standards.
While these five companies have secured the most funding to date, emerging verticals are rapidly gaining investor attention. Verticals such as wealthtech and insurtech that are represented by players like Ajaib and Qoala.
The next wave of fintech innovation may not be limited to lending or payments. Instead, it could come from platforms that smoothly blend financial services with data-driven personalisation, embedded finance, and stronger collaborations across different sectors.
Featured image: Edited from Freepik.
