Cicil, the instalment financing platform for Indonesian university students, has secured Series A funding round led by East Ventures and Vertex Ventures, bringing the company’s total funding to over $5 million. The round also witnessed new investors — K3 Ventures, Ethos Partners.
Existing investor Accord Ventures also participated in the round. The funding will help Cicil to provide financial help to students to cover their tuition fees or other school amenities such as laptops. The startup will also use funding to accelerating their expansion plan.
In a press statement, Vertex Ventures Managing Partner Joo Hock Chua mentioned that the startup has “huge opportunities” to expand beyond Indonesia.
East Ventures Managing Partner Willson Cuaca, said,
Access to education can lift up and improve living standard. However, the education system is costly in Indonesia. Cicil fills the gap by giving financing to students for their tuition and education tools such as laptop and computer. It helps the student progress forward and align with the national movement to become Energy of Asia.
Founded in 2016, the startup aims to help Indonesian university students fund their study by enabling them to pay tuition and online purchases through installment, without the need of a credit card ownership.
The company has claimed to have seen growth across 10 provinces and 29 cities in Indonesia, with more than 100 universities have introduced Cicil to their students.
In Indonesia, Cicil competes with DanaDidik, which is a crowdfunding startup that enables Indonesian students to borrow funds from their sponsors, which they can pay back in instalments once they have graduated and found a job.