Indonesian digital mortgage startup Ideal raises US$3.8m funding co-led by AC Ventures, Alpha JWC

IDEAL, a Jakarta-based digital mortgage platform, has raised US$3.8 million in pre-seed funding co-led by Indonesia’s AC Ventures and Alpha JWC.

The round was joined by Living Lab Ventures – the investment arm of Sinar Mas Land – and property player Ciputra Group, Ideal announced in a Wednesday (Jul 27) press release.

The startup will use the fresh capital for product development, hiring, and expanding its coverage from primary properties to secondary properties and mortgage refinancing. It also hopes to expand into other big-ticket consumer loans and enter new South-east Asian markets.

Ideal runs a platform that helps users calculate the costs and instalments in mortgages, and to apply to multiple banks with a single set of data. Its CEO and co-founder Albert Surjaudaja was previously head of operations strategy at Indonesian payments startup Ovo.

Ideal earns commissions from banks and property developers for every successful loan application through the platform. Its partners thus far include banks CIMB Niaga, OCBC NISP and Maybank, as well as Indonesian property developers Sinar Mas Land, Ciputra and Agung Sedayu Group.

Michael Widjaja, group CEO at Sinar Mas Land, said that his firm taps Ideal to offer packages integrating the home buying experience with financing options.

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Ideal “identified a bottleneck in the mortgage industry and brought domain expertise in fintech and real estate to build a one-stop-shop for mortgages in Indonesia”, added Adrian Li, managing partner at AC Ventures, noting that Indonesia’s mortgage penetration rate is only 3 per cent of local GDP.