Indonesia: number of operating fintech companies 2023

In 2023, the number of Indonesian fintech companies reached 336. This represents a seven-fold increase over the observed period. According to the same source, lending companies accounted for the largest share of the fintech sector, with 106 companies operating in the country.

Fintech funding in Indonesia

In 2023, the funding value of fintech deals disclosed in the country amounted to 0.77 billion U.S. dollars. The peak investment year was 2021, highlighted by significant funding for Gojek, the leading on-demand platform and multiservice ecosystem pioneer. As of February 2024, the most well-funded fintech startup in Indonesia was Xendit, securing 538 million U.S. dollars, followed by Akulaku with 264 million U.S. dollars. Other top-funded startups included Investree, Dana, and Ajaib. These substantial investments have contributed to Indonesia’s emergence as a hub for fintech innovation, now home to six fintech unicorns. 

Indonesia’s fintech lending sector

In the Indonesian fintech landscape, lending companies hold a central position, accounting for the largest number of registered fintech companies. The sector’s prominence is further underlined by its substantial share of investment, with alternative lending accounting for 84 percent of total fintech funding. As of March 2024, the country’s fintech lending market included 94 conventional and seven Shariah-compliant companies. Lending platforms, such as Akulaku and Kredivo, are at the forefront of this development, specifically targeting the unbanked and underbanked populations. These platforms play an essential role in the development of financial inclusion, offering credit solutions to segments of the population that have been neglected by traditional banking institutions.