Mapan closes US$15M Series A round to grow its ‘Arisan’ service in Indonesia

Mapan, a fintech startup helping lower-income Indonesians buy household goods at better rates, has closed US$15 million in a Series A round of funding, co-led by Patamar Capital and PT Astra Digital Internasional, a subsidiary of Astra.

The round also saw participation from BRI Ventures, SMDV, Blibli, Prasetia Dwidharma, Flourish Ventures and 500 Global.

With this investment, Mapan will look to grow its core “Arisan” service by expanding its product range and partnering with top suppliers. An aspect of Indonesian culture, Arisan is a form of informal social gathering where members take turns purchasing products for the group.

The firm will also introduce a wider variety of Arisan schemes and expand its reach, targeting to make its digitised Arisan product available to ten million households in Indonesia by 2026.

Mapan was founded in 2009 to help eliminate barriers to financial resources for low-income communities (it was later bought by Gojek) Through Mapan’s Arisan product, lower-income groups can increase their buying power to purchase household goods such as cookware, electronics, and furniture. It also provides other products and services, such as a bill payment app and consumer goods resale platform.

Also Read: Mapan reveals its current focus following new CEO appointment

Since 2015, Mapan has also focused on empowering women leaders of Arisan groups, which are traditional women-run rotating savings groups, by introducing the Arisan application. By recruiting women leaders and influencers as agents and creators of Arisan groups, Mapan has provided affordable goods financing to more than three million households to date.

Women influencers and leaders of Mapan’s Arisan groups can also count on receiving additional benefits, such as commission from product sales, incentives for recruiting and educating new agents, and other performance milestones, thereby bringing financial equality to women from low-income families in Indonesia.

“In line with Astra’s aim to prosper with the nation, Astra wishes to contribute to advancing the quality of life of the people of Indonesia, one of which is by contributing to the advancement of Indonesia’s digital economy. The collaboration with Mapan is one of our ways to enable people from all walks of society to meet their daily needs,” said Gidion Hasan, Director of Astra.

It aims to drive financial inclusion in the country, where 51 per cent of adults in Indonesia lack access to banks or other formal financial services. Mapan will also introduce additional products to enhance financial inclusion and improve access to financing sources for the masses.

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