Modalku Ventures into Multifinance Business

The Modalku Group is venturing into the multi-finance business by acquiring PT Buana Sejahtera Multidana. As a result, Buana Sejahtera, focusing on the multipurpose financing business since 2012, has become PT Modalku Financial Indonesia (Modalku Finance). Modalku co-founder Reynold Wijaya said the company would focus on financing in productive sectors. "Modalku Finance is providing a more varied range of products with higher working capital limits, as well as more funding options, such as from banks, foreign loans, issuance of medium-term debt securities or bonds," he elaborated on Tuesday.

Modalku Finance president director Steven Gunawan revealed the company would also provide financing solutions for purchasing raw materials, accounts receivables, and increasing production capacity. Small businesses that can capitalize on Modalku Finance's schemes must be legal and have been actively running their businesses commercially for two years.