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Havish Gupta
Figuring Out • 7m
This startup is challenging all the traditional banks! So founded in 2014, UangTeman is Indonesia's instant loan startup founded by Aidil Zulkifli. They offer 30 Days loans of up to $150. What's interesting about it is that in Indonesia, two-thirds of the population over 15 years of age don’t have a bank account. And they are UangTeman's target audience! 💀 Thus, Due to the lack of banking history, they use applier's internet browsing history, social media data, and the devices they use to check their Creditworthiness. And while it may sound crazy, even then, their default rate in 2015-16 was just 0.2%, which was lower than even the largest banks (Aidil Zulkifli said to CNBC). Though it was working well and had $20 million in funding, it was shut down in 2022 after losing its license.
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