- Komunal, an Indonesian neobank driving financial inclusion, secured additional funding from new backer JAFCO Asia.
- The startup pioneered rural bank digital deposits to boost system participation.
- The capital fuels user growth and product development as Komunal cements itself as a trailblazing neo-rural bank.
Komunal secures fresh funding
Indonesian fintech startup Komunal has raised additional capital from new and existing investors in an extended Series A round.
Japan-based VC firm JAFCO Asia announced its first investment in Komunal, joining lead investor Sumitomo Corporation and early backers Alpha Trio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora, and Gobi Partners.
Founded in 2019, Komunal operates a digital neobank focused on advancing financial access across Indonesia.
The firm has pioneered innovations like DepositoBPR, a platform enabling digital deposits at rural banks to promote participation in the banking system.
Komunal also runs a P2P lending marketplace connecting MSMEs with financing opportunities.
Advanced neo-rural banking
This funding comes as Komunal has evolved into a trailblazing neo-rural bank, making significant strides in Indonesian fintech.
Last year, the startup introduced the country’s first rural bank digital deposit app to drive financial inclusion.
JAFCO Asia’s investment signals conviction in Komunal’s mission to deliver inclusive financial services.
With the backing of strategic corporate investor Sumitomo and support from returning VC shareholders, the additional capital will likely fuel user acquisition and continued product development.
Strategic growth support
As a first-time investor, JAFCO Asia noted its enthusiasm to partner with Komunal as the company enters its next growth phase.
Komunal stands poised to further its position as an innovator in expanding access to digital banking services across Indonesia.
