European venture capital firm Finch Capital has sold its minority stake in Indonesian fintech firm Cermati to local conglomerate Djarum Group.
“We are pleased with the active engagement of Finch Capital, which helped us build a deeper understanding on how technology transforms the financial services value chain and facilitated the knowledge transfer from more mature markets to the Indonesian market,” said Cermati co-founder and CEO Andhy Koesnandar.
In a press release, Finch Capital said, the firm made an IRR of over 100 per cent and earned a return on capital of 2.7x from the exit. Other financial terms remain undisclosed. Cermati provides an online platform that helps customers research and buy credit cards, auto loans, personal loans and mortgages. It has recently broadened its offering into ID verification and underwriting of micro loans and insurance products. With a customer base of over one million, it claims to have become the most visited financial e-commerce site in Indonesia. Finch Capital, which invests in early stage technology businesses in South East Asia and Europe, initially invested in Cermati prior to the VC’s rebranding when it was known as Orange Growth Capital. The sale of its shares in Cermati marks Finch Capital’s first exit out of Indonesia.
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