USD 5 Million funding Boost for Ringkas Financial Platform

Key highlights:

• Ringkas has gained a total funding of USD 5 million in Pre-series A round
• The company will utilizing the fund to enhance its financial infrastructure with AI integration
• Ringkas has planned for effective financial solutions for regional challenges

Indonesia’s mortgage financing platform, Ringkas has announced the closing of a pre-series A round at USD 5.1 million. The company has revealed the key areas where the funds will be utilized for the future purpose. The present funding was raised by the active participation of Flourish Ventures, Kadan Capital, and other several strategic investors.

The company will be prioritizing the fund's utilization in strengthening its financial infrastructure by enabling future development through artificial intelligence. The company has already boosted its talent acquisition process across Vietnam and Southeast Asia to build a strong base in generative AI, which can motivate the growth of future financial services.  Co-Founder of Ringkas, Ilya Kravtsov said, “Our mission is to build a seamless, AI-driven financial infrastructure platform that integrates into the everyday digital lives of Southeast Asians.”

The company has also highlighted the regional challenge of people’s difficulties in maintaining effective financial planning in Indonesia, Vietnam, the Philippines, and Malaysia. A portion of the fund will play a significant role in shaping financial solutions for these people according to the market’s unique financing needs and regulatory landscape. Ringkas will be assisting these people to gain homeownership with their smarter financing solutions. Executive director of Flourish Ventures, Ravi Kaushik stated that the company has been actively addressing the region's pressing issues by making accessible mortgage financing through technology.

Ringkas has increased its operations by extending its presence in 47 cities, with 150 collaboration projects, and effective partnerships with 29 banks through 700 branches.