Jakarta & Singapore – UangCermat, an Indonesia-based fintech platform providing payroll-linked lending to underbanked workers, today announced the closing of $26 million in total financing, comprising a $6.4 million Series A equity round, co-led by Cocoon Capital, NP Consulting and IFP Securities, and a $20 million structured credit facility provided by SixPoint Capital, a U.S.-based private credit investment firm.
The combined equity and debt financing supports UangCermat’s next phase of growth, enabling responsible expansion of its short-tenor, payroll-linked loan portfolio while maintaining conservative underwriting, disciplined collections, and institutional-grade reporting.
“This financing reflects a deliberate and balanced capital strategy,” said Mark Kim, Chief Financial Officer of UangCermat. “Equity provides long-term stability and governance strength, while institutional credit allows us to scale efficiently without compromising credit discipline. Partnering with SixPoint validates both our operating model and our approach to risk.”
Established in 2019, UangCermat operates a payroll-linked, “phygital” lending model currently focused on primarily blue-collar workers across Indonesia in industries such as manufacturing and outsourcing. The company also provides Fintech-as-a-Service (FaaS) infrastructure to regulated financial institutions seeking to digitalise their infrastructure, increasing their exposure to payroll-based consumer credit accompanied by a comprehensive digital-first collections workflow.
“This round provides us with the financial capability to not just scale our internal operations but also expand with more intention toward improving the robustness and digital offerings for local lenders such as smaller banks and microfinance players who are technologically constrained,” said Shaiful Mustaafa, Co-Founder and Chief Executive Officer of UangCermat. “The fintech industry has faced many challenges in recent years and UangCermat seeks to provide a tech-first infrastructure that ultimately creates efficient financial inclusion for the underbanked without compromising on governance and compliance.”
Already serving more than 100,000 registered users, the company will deploy equity proceeds into further strengthening governance, compliance, and technology, while the credit facility will fund portfolio growth through a receivables-backed structure with independent, third-party monitoring.
This deal also marks SixPoint Capital’s first foray into Southeast Asia – “We are very proud of our partnership with UangCermat. They are solving a significant pain point and we could not be more pleased to support them as they provide significant and meaningful impact to the unbanked and under-banked populations throughout Indonesia. The team at UangCermat is excellent, their “phygital” model is both unique and impressive, and we have high hopes that we can help them scale both their existing loan product as well as other financial products well beyond our current commitment. Alongside Cascade Debt, we identified a structure that allowed us to get comfortable to lean in instead of retreating from a market that has been fraught with significant challenges recently.” said A.J. Davidson, CIO, CEO and Co-founder of SixPoint Capital.
Returning investor and co-lead, Cocoon Capital said, “It’s been an honour to work alongside the UangCermat team since our Seed investment in 2019. The opportunities within the fintech industry in Indonesia are clear and we continue to believe that the team is on the right track to delivering tangible, long-term value creation for all stakeholders”.
