Indonesian digital lender Bank Jago has received an undisclosed amount of funding from Ribbit Capital.
Bank Jago launched a fully digital platform earlier this year becoming the first fully digital bank in Indonesia.
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It offers its services to both consumers and SMEs in the middle and mass-market segments.
Ribbit Capital managing partner MIcky Malka said: “Bank Jago is the first fully digital bank in Indonesia and has made tremendous progress towards growing digital banking services for Indonesians.
“Bank Jago’s commitment to serve Indonesia’s consumers with the best digital banking and fintech products matches global peers and we look forward to participating in this journey.”
The latest funding follows Bank Jago’s partnership with the country’s digital payments group Gojek in December last year.
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By GlobalDataNotably, Ribbit Capital has also invested in the likes of Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma.
Bank Jago president director Kharim Siregar said: “This is an important validation that one of the world’s leading fintech investors, Ribbit Capital, recognises Bank Jago’s impact on progressing digital financial inclusion in Indonesia.
“As we continue our mission of providing digital banking services to Indonesian consumers and SMEs, we welcome world class investors participating and support.”
In other Indonesian banking news, in August this year, it was reported that Bank Central Asia (BCA) plans to invest $200m into its digital unit Blu to tackle competition from tech giants.
Prior to that, Japanese firm Line launched a digital banking platform Line Bank by Hana Bank in Indonesia.
