Indonesian e-tailer Bukalapak turns street sellers into banking agents [Reuters]
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Source: Reuters
Indonesian e-tailer Bukalapak turns street sellers into banking agents SINGAPORE, July 10 (Reuters) - Indonesian startup Bukalapak, backed by Chinese fintech Ant Group, aims to turn the mom-and-pop stores that use its B2B e-commerce platform into banking agents through a partnership with one of the country’s largest lenders, its CEO told Reuters. Bukalapak, or ‘open store’, will introduce grocery sellers and street vendors - known as ‘warungs’ - to a service from PT Bank Mandiri (Persero) Tbk through which warungs can help often smartphone-less locals set up bank accounts. “We are working with Mandiri to turn some of the warungs into branchless banking agents,” said Rachmat Kaimuddin, chief executive of 10-year old Bukalapak, which was valued at $2.5 billion during its last funding round in October. About 5 million warungs move over $70 billion worth goods a year, a quarter of Indonesia’s $380 billion retail market, according to Bukalapak. Through the warungs, the partnership is targe
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