East Ventures on Instagram: "Komunal was born when Hendry Lieviant with his two friends, Rico Tedyono and Kendrick Winoto, realized the huge credit gap that Indonesia faced in early 2018. Despite the massive growth of its banking and microfinance sectors, the country’s MSMEs still suffers a credit gap reaching IDR 1,000 trillion (US$ 70bn) per year. MSMEs often had difficulty in obtaining financing to expand their business from traditional lenders like the bank, due to lack of formal credit records and high operational costs to serve. . In 2019, the three founders decided to build Komunal, an online peer to peer lending based in Surabaya to support the backbone of Indonesia’s economy that is contributing to more than 60% of GDP and 95% of employment. . They aim to combine best-in-class credit methodology, alternative data & technology, and community partnership with existing regional banks (BPR) and cooperative loan (Koperasi) to improve the funding access to Indonesia’s MSMEs and helping potential MSMEs to thrive and substantially improve Indonesia’s economy, as well as reduce inequality . Only in 8 months of operations, Komunal has channeled around IDR 50 billion of loans to good quality MSMEs, mostly East Java area. . Komunal shares East Ventures’ mission of financial inclusion for the country. The team has proven its unique capability in executing fast yet precise, despite being a newcomer in the field and coming from the second-tier city. We are thrilled to join hands with them in opening more better opportunities for Indonesian MSMEs . Link: bit.ly/EVkomunal . #eastventures #komunal #funding #startup #fintech"