Financial product marketplace Cermati announces it has received Series B Funding from Djarum Group’s investment company with an undisclosed value. After the latest funding round, the existing investors (East Ventures, Beenos Partners, and Finch Capital) are exitung the company. However, Cermati assures us this isn’t an acquisition.

The funding announcement is correcting the previous rumor of Alibaba’s acquisition over Cermati. We didn’t get any confirmation about Alibaba’s movement and according to reliable source, there’s no truth behind it.

Cermati was founded by Andhy Koesnandar, Carlo Gandasubrata, and Oby Sumampouw in 2015, and claims to have 5 million visits every month. The company helps consumers for research and product application, such as credit card, Installment for Vehicle (KKB), Mortgage (KPR), Unsecured Loan (KTA), car insurance, and health insurance. Cermati is said to process and verify more than a million consumers in Indonesia’s first and second-tier cities.

Regarding the funding, Andhy Koesnandar as the CEO said, “Our mission is to help Indonesia through financial inclusion. We believe the access to financial services can improve public welfare. Djarum has the same mission and we’re glad to partner with them. This funding will be used to increase our coverage [around every corner] and develop new product lines to increase financial product penetration in Indonesia.”

Thanks to the previous investors

The entree of Djarum Group brings impact on the exit of three previous investors. Co-Founders are expressing their gratitude for the support, mentorship, technology, and financial industry insights.

Willson Cuaca, East Ventures’ Managing Partner commented, “We’ve seen how the company [Cermati] develop from nothing, and we’re proud to the execution they’ve made for the past three years. As the early believer, we’re proudly pass the baton to Djarum, knowing they’ll bring the company’s strategic value to the next step.”

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Original article is in Indonesian, translated by Kristin Siagian