[Weekly Updates] KoinWorks and Kargo Technologies Receive Funding; Sharia Feature from LinkAja; and More

Both p2p lending startup Koinworks and smart logistics startup Kargo Technologies have big funding announcement these days, while LinkAja provides a sharia feature for its payment solution. Also in the news is the introduction of Sehatigold, an Indodax’s sister company, as an online gold-based trading/investment platform.

KoinWorks Receives 316 Billion Rupiah Funding from European Financial Institution and Venture Capital

Fintech lending startup, KoinWorks, just announced new funding in two terms, equity and loan. The amount reaches US$20 million or around 316 billion Rupiah. Regarding investors, Quona Capital, EV Growth, and Saison Capital with participation of some others are involved in the equity. In terms of the loan, the company only reveals the two financial institutions that come from Europe.

KoinWorks plans to use the fresh money for financial loans through the fintech lending platform. The new credit feature is provided by an international institution, namely Triodos Bank, global banking from the Netherlands.

Kargo Technologies Announces 504 Billion Rupiah Funding, to Provide Loan Access for Logistics Partners

The logistics marketplace connecting companies with truck services, Kargo Technologies, has announced US$31 million (around 504 billion Rupiah) funding in its Series A round. It was led by Silicon Valley based Tenaya Capital. Also participated in this round, Sequoia India, Intudo Ventures, Amatil X, Agaeti Convergence Ventures, Alter Global, and Mirae Asset Venture Investment.

In this round, Kargo manages to secure funding in the form of debt financing from banks and regional financial institutions.

Kargo Technologies’ CEO, Tiger Fang, said most of the funding will be prioritized for business operations and products development to adjust the current deployment situation of Covid-19. For truck owners, companies can help their cash flow with fast funding products, which are very much needed in the current circumstances.

LinkAja Officially Launches Sharia Feature

After few months of trial, LinkAja officially launched the sharia feature to public. They target to reach one million users for this service.

LinkAja first introduced the sharia features in November last year. One of the most distinguishing features of this sharia is its conventional services as an institution for the deposit (floating funds) to top up balances using the services of Islamic banks.

In order to pursue the target, LinkAja has collaborated with 1000 mosques, 11 waqf institutions, 23 zakat institutions, and 67 donation institutions.

Introducing Indodax’s Sister Company Sehatigold, an E-commerce Platform for Gold

Sehatigold has transformed as an online gold trading platform. It is headed by Denny Ardhiyanto and one of the founders is major shareholder in Indodax. The platform was made to solve two problems in buying and selling gold, for a very small to the loss of profit margin when trading gold, also the affordability. Sehatigold offers solutions by selling gold starting from 0.01 grams or having a nominal value of IDR 10,000 without any additional costs.

Sehatigold has several main services. In addition to buying and selling gold, customers can exchange the gold savings they buy online into physical gold in the form of jewellery or precious metals. Then, the platform allows users to trade gold.

Introducing Indodax’s Sister Company Sehatigold, an E-commerce Platform for Gold

Today is absolutely the right time for those who want to buy gold. Everytime the economy slows down, it’s most certain that people will seek after gold as a commodity. The anti-recession value of gold is the main reason this commodity always has its market.

Before the world economy was partially paralyzed by the outbreak of the corona virus disease 2019 (Covid-19), experts had predicted a recession would envelop the world economy, one of which was triggered by a trade war between the United States and China. Corona pandemic has exacerbated the projections. The IMF estimates that the global economy will shrink to minus 3%. Indonesia’s economic growth is projected to be only 0.5%.

This macro condition that continues to sharpen the gold market. And this is a reason behind Sehatigold‘s gold investment platform creation. The CEO, Denny Ardhiyanto said, truth be told the gold company has been in for decades. However, recently Sehatigold has transformed as an online gold trading platform.

“One of the reasons is because of the increasing number of requests from our customers, especially during this crisis, people have transferred their wealth to gold because it has a more stable value, also a secure investment,” Ardhiyanto told DailySocial.

He also said the platform was made to solve two problems in buying and selling gold, for a very small to the loss of profit margin when trading gold, also the affordability. Sehatigold offers solutions by selling gold starting from 0.01 grams or having a nominal value of IDR 10,000 without any additional costs.

To date, Sehatigold has several main services. In addition to buying and selling gold, customers can exchange the gold savings they buy online into physical gold in the form of jewelry or precious metals. Then, the platform allows users to trade gold.

“Sehatigold’s target and user segments are people in Indonesia who are interested in gold both for savings and speculation,” he added.

Monetization and funding

Ardhiyanto said the gold trading market in Indonesia is quite large. In fact, Antam’s gold sales continue to surge every year. In 2014, the sales were still around 10 thousand kilograms, then increased significantly to 27,891 kilograms in 2018.

Along with the current pandemic, Denny revealed the probability of assets transfer from the capital market and financial markets to the gold market. He also mentioned the price of gold had risen 20% during the first quarter of 2020. “Since the beginning of 2020, we have seen a surge in people’s demand to buy gold. In the past month, thousands of grams of Precious Metals have been withdrawn by members of Sehatigold.”

Related to monetization, Denny said their team took profits as the usual gold shop. However, he claims the difference in profit they take is smaller than other places because they prioritize the volume of transactions.

They are still focused on growing the business, therefore, Sheatigold is yet to raise fund. Denny said they currently operate with independent financial support (bootstrap) with capital injections from angel investors.

As noted from Ardhiyanto’s statement, one of their co-founders is a major shareholder in Indodax. It makes Sehatigold the sister company of the cryptocurrency trading platform.

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Original article is in Indonesian, translated by Kristin Siagian

Platform Jual Beli Emas Sehatigold Diluncurkan, “Sister Company” dari Indodax

Tak ada yang waktu yang lebih tepat untuk membeli emas ketimbang saat ini. Kapan pun perekonomian memburuk, hampir bisa dipastikan emas menjadi komoditas paling diburu oleh masyarakat. Nilai emas yang tahan guncangan resesi adalah alasan komoditas ini tak pernah sepi peminat.

Sebelum ekonomi dunia lumpuh sebagian akibat terjangan corona virus disease 2019 (Covid-19), para pakar sudah memprediksi resesi akan menyelimuti perekonomian dunia yang salah satunya dipicu oleh perang dagang antara Amerika Serikat dan Tiongkok. Pandemi corona memperparah perkiraan. IMF memperkirakan ekonomi global akan menyusut menjadi minus 3%. Pertumbuhan ekonomi Indonesia sendiri diproyeksikan hanya sebesar 0,5% saja.

Kondisi makro ini yang membuat gairah pasar emas terus menguat. Dan alasan ini juga yang membuat platform investasi emas Sehatigold muncul. CEO Sehatigold Denny Ardhiyanto mengatakan, sejatinya perusahaan ini sudah puluhan tahun emas. Namun baru belakangan ini Sehatigold bertransformasi sebagai platform jual-beli emas online.

“Salah satu alasannya karena makin banyaknya permintaan dari langganan kami saat ini khususnya karena saat krisis begini banyak orang yang mengalihkan kekayaannya ke emas karena dirasa jauh lebih stabil dan aman,” ujar Denny kepada DailySocial.

Denny mengatakan platform Sehatigold dibuat untuk memecahkan dua masalah dalam jual-beli emas yakni selisih untung yang sangat kecil hingga rugi saat bertransaksi emas serta keterjangkauan harga. Sehatigold menawarkan solusi dengan menjajakan emasnya mulai dari 0,01 gram atau bernominal Rp10.000 tanpa biaya tambahan apa pun.

Sejauh Sehatigold memiliki beberapa layanan utama. Di samping jual-beli emas, pelanggan dapat menukarkan tabungan emas yang mereka beli secara online menjadi emas fisik berupa perhiasan ataupun logam mulia. Terakhir platform Sehatigold memungkinkan penggunanya melakukan perdagangan emas.

“Target dan segmen pengguna Sehatigold adalah masyarakat di Indonesia yang tertarik dengan emas baik untuk tabungan maupun spekulasi,” imbuhnya.

Monetisasi dan pendanaan

Denny menyebut pasar perdagangan emas di Indonesia masih cukup besar. Sebagai gambaran penjualan emas oleh Antam terus melonjak setiap tahun. Jika pada 2014 penjualan mereka masih sekitar 10 ribu kilogram emas, pada 2018 angka penjualannya sudah melonjak menjadi 27.891 kilogram.

Seiring terjadinya pandemi saat ini, menurut Denny terjadi perpindahan aset dari pasar modal dan pasar keuangan menuju pasar emas. Ia mencatat harga emas sudah naik 20% selama kuartal pertama 2020. “Semenjak awal 2020 kemarin, kami memang melihat lonjakan permintaan masyarakat untuk membeli emas dan dalam sebulan terakhir ini, sudah ribuan gram Logam Mulia yang ditarik oleh member Sehatigold.”

Terkait monetisasi, Denny mengaku pihaknya mengambil profit selayaknya toko emas pada umumnya. Namun ia mengklaim selisih untung yang mereka ambil lebih kecil dari tempat lain karena mereka mengutamakan volume transaksi.

Fokus membesarkan bisnis ini pula yang menjadikan Sehatigold belum melakukan pengumpulan dana. Denny mengatakan saat ini Sehatigold beroperasi dengan sokongan dana mandiri dan suntikan modal dari angel investor.

Sebagai catatan dari Denny, salah satu co-founder mereka merupakan pemegang saham utama di Indodax. Hal inilah yang menjadikan Sehatigold sebagai sister company dari platform jual-beli cryptocurrency tersebut.