The mortgage penetration rate in Indonesia stands at around 3% of the country’s gross domestic product. This figure is extremely low, especially compared to India’s 11%, and over 50% in the US.
Indonesians face roadblocks to home ownership due to the fragmented mortgage application process, which lacks accessibility and clarity.
Ringkas is one of the startups looking to tackle these issues. It raised US$3.5 million in its latest funding round, which was co-led by East Ventures and Crestone Venture Capital.
Founded by Ilya Kravtsov, Leroy Pinto, Puguh Widyoko, and Yoko Simon in 2022, the firm offers a streamlined application process with real-time pre-qualification, allowing users to apply for mortgages across multiple banks simultaneously.
Currently operating in five cities, Ringkas has secured more than US$2 billion worth of housing supply by partnering with developers such as Ciputra Group. The digital mortgage startup has also forged partnerships with local banks including BCA, BRI, Bank Mandiri, and CIMB Niaga.
The fresh funding will be used to scale its services and increase its platform’s adoption in the country. The firm aims to achieve mortgage transactions worth up to US$200 million within the next six to 12 months, and launch over 100 projects across 34 Indonesian cities.
Previously, Ringkas raised US$2.3 million in its pre-seed round in May 2022.
