Indonesian fintech platforms Akseleran and AwanTunai are facing mounting questions over their business continuity as both companies grapple with operational and financial pressures, according to a report by DealStreetAsia.
Akseleran Sees Slow Recovery From Defaulted Loans
For Akseleran, which connects retail and institutional lenders with SMEs borrowers, concerns have intensified amid slow progress in recovering funds from several large defaulted accounts.
The publication said that, based on communications sent to lenders and reviewed by it, Akseleran had recovered about 3.4 billion rupiah against 178.3 billion rupiah in outstanding funding linked to six problematic borrowers, representing a recovery rate of roughly 1.9% over seven months.
Retail lenders have expressed frustration over the pace of recoveries within the platform.
Possible Operational Changes and Unverified Shutdown Claims
The company is reportedly considering operational changes, including transferring collection activities to third-party agencies.
The report also cited an unnamed source claiming that Akseleran is preparing to shut down parts of its technology infrastructure and that its Jakarta office is no longer operating normally. These claims could not be independently verified.
Akseleran last raised equity funding in 2019, securing an $8.6 million Series A round.
AwanTunai Winds Down Unsecured Lending Segment
Separately, AwanTunai is understood, according to sources cited in the report, to be winding down a significant portion of its unsecured SME lending business.
The company is reassessing its business model after its productive lending segment proved unsustainable.
The publication said AwanTunai has permanently discontinued its unsecured financing line focused on fast-moving consumer goods.
The company has asked several senior executives to voluntarily resign as part of cost-cutting measures, although its board of directors remains intact, sources said.
Exposure to Fraud Investigation and Loan Risks
Exposure to loans connected to PT Rukun Mitra Sejati (RMS), which is currently under investigation, partly drives AwanTunai’s review.
Authorities named RMS beneficial owner Ko Xiong as a suspect in connection with approximately 600 billion rupiah of loans disbursed through KoinWorks, and detained him as investigations continue.
Funding Background
AwanTunai has raised over US$52 million in equity funding from investors including Ion Pacific Titan, IFC, Insignia Ventures, and Norfund.
The company also secured a US$60 million syndicated debt financing round in December 2024.
Featured image credit: Edited by Fintech News Indonesia, based on image by ttonaorh via Magnific
