East Ventures, Crestone Venture Capital co-led $3.5 M Seed funding raised by Ringkas
Digital mortgage platform Ringkas, based in Indonesia, revealed on Wednesday that it had raised US $3.5 million in a seed round co-led by East Ventures and Crestone Venture Capital.
According to a statement from Ringkas, additional investors who took part in the deal included 500 Global, Teja Ventures, Orvel Ventures, Hustle Fund, and others.
The company will concentrate on developing and scaling its platform across numerous cities in Indonesia and the secondary market with the money from this round.
Ilya Kravtsov, a co-founder of Ringkas, stated that the company plans to launch more than 100 projects in 34 cities across Indonesia and complete mortgage transactions worth up to $200 million within the next 6 to 12 months after securing the most recent funding round.
He claimed that the most recent round of funding would hasten the spread of Ringkas technology throughout Indonesia’s underserved areas.
Ilya Kravtsov, Leroy Pinto, Puguh Widyoko, and Yoko Simon established Ringkas, a digital platform for housing finance solutions, in the first half of 2022.
The four co-founders of the company created it after figuring out a solution to the issue of home ownership in Indonesia, particularly the country’s shockingly low mortgage penetration rate of just 3.25 percent of the GDP.
In comparison to the United States and India, where mortgage penetration rates are over 50% of GDP and 11% of GDP, respectively, respectively, this number is noticeably lower.
In addition, Indonesia must contend with a housing backlog that has grown to 12.75 million units and is still growing.
By bridging the gap between the millions of people looking for homes, the 12,000 real estate developers, and the 1,200 banks and financial institutions, Ringkas hopes to enable quicker and more focused mortgage processing.
The company’s lofty goal is to assist 100 million Indonesians in financing their home purchases through mortgages.
By offering a comprehensive solution that streamlines the entire process, Ringkas is ready to revolutionize the mortgage industry.
Ringkas provides a streamlined approach in contrast to conventional mortgages, which involve disjointed pre-qualification procedures, drawn-out manual applications, and little transparency.
Customers can easily apply for mortgages to multiple banks at once with real-time pre-qualification and a user-friendly digital platform, ensuring convenience, transparency, and a wide range of trustworthy options.
Protection of customer data security is another one of Ringka’s main priorities.
The company offers security, audit trails, and only permits relevant parties involved in the mortgage process access to data.
“We are thrilled to support Ringkas on their mission to revolutionize the home ownership financing solution,
“With the strong track record, we believe its innovative solutions will enable a more convenient and efficient process of home ownership for millions of Indonesians,” said Avina Sugiarto, Partner at East Ventures.
By collaborating with the biggest real estate developers, Ringkas has so far secured more than $2 billion in housing supply and is currently active in five cities.
