They will to provide merchants in the country access to “Modal Toko”, a platform which offers them loan products to grow both their business and revenue.
Launched in April 2019, Modal Toko just received a lending license from the Financial Services Authority (OJK) meaning merchants can get a capital loan up to IDR 300 million (USD 21,400) that can be withdrawn anytime following an application process.The loan approval process takes one day and merchants can get a loan with flat-to-low interest rates without admin fees.
By allowing merchants quick access to funds, for inventory purchases for example, the facility provided by Modal Toko is expected to help merchants increase revenues because they can widen the product range that they sell to customers.
In addition to Modal Toko, Tokopedia also has two other capital credit services, Pinjaman Modal and Saldo Prioritas, both also in collaboration with Modalku.
The main difference between these two and the new partnership with Modalku lies in the maximum loan amount and the repayment period.
Modalku is a Indonesia-based P2P platform that focuses on providing financial services for SMEs. Besides with Tokopedia, the platform also formed a partnership with Bukalapak’s Modal Mitra to offer capital loans for merchants on Bukalapak’s platform. Modalku also works with Lazada to offer loan products for e-commerce sellers.
The online lender has a presence in Singapore and Malaysia under the brand Funding Societies.
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