What Cermati does

Cermati (PT Agregasi Cermat Indonesia) is an Indonesian financial services aggregation platform founded in 2015 and headquartered in Jakarta. Registered and supervised by Otoritas Jasa Keuangan (OJK), it operates a digital consumer-facing marketplace connecting Indonesian consumers to a broad catalogue of financial products from partner banks, insurers, multi-finance companies, p2p lenders, and investment providers. The platform spans credit cards (aggregated from 20+ issuers including BNI, BRI, Bank Mandiri, BCA, HSBC, and Standard Chartered), unsecured and secured loans (KTA, KPR, vehicle loans, multi-purpose), insurance (auto, life, health, travel, employee), investments (mutual funds via Cermati Invest, digital gold via Treasury partnership, stocks, and cryptocurrency), PayLater via Indodana, and roughly thirty bill-payment and digital-service categories (pulsa, PLN, BPJS, PBB, e-Samsat, internet, zakat). Distribution is digital-first via website and mobile application on the Google Play and Apple App stores, with no disclosed geographic expansion outside Indonesia.

The business model is freemium on the consumer side — browsing, comparison, and application are free — with revenue earned via referral fees and commissions from financial institution partners on successful applications or transactions. Cermati captures additional economics through two wholly-owned subsidiaries: PT Cermati Pialang Asuransi, an OJK-licensed insurance broker (KEP-596/PD.02/2025) operating the Cermati Protect brand with proprietary insurance product CERA, and PT Artha Investa Teknologi (KEP-7/PM.21/2021) which underpins investment infrastructure. The company's go-to-market combines product-led aggregation, content-driven SEO through Cermati University, and social media on Instagram and Facebook. Marketing emphasizes one-stop convenience, OJK supervision, encryption-based security, and breadth of partner choice across more than 2,000 insurance workshop service points nationwide.

Cermati has raised capital through multiple rounds including a 2016 Series A, undisclosed 2017 and 2018 Series B tranches, and a 2021-2022 Series C totalling approximately $20M+ in disclosed proceeds, led by MDI Ventures with participation from Djarum Group, MDI-KB's Centauri Fund, and Blibli. Headcount remains modest at 11-50 employees, and the company is led by CEO William Lesmana Lim alongside founders Andhy Koesnandar, Carlo Gandasubrata, and Oby Sumampouw.

Name

Cermati

Legal name

PT Agregasi Cermat Indonesia

Website

https://cermati.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Cermati is an OJK-regulated Indonesian financial services aggregator operating a digital marketplace that connects consumers with hundreds of banks, insurers, and investment providers across credit, loans, insurance, investments, and bill payments.

Ownership category

akta.pro rank

Product category

Financial Services Aggregation

NAICS

Finance and Insurance (52)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)

Keywords

• Financial product aggregation
• Digital lending platform
• Insurance distribution
• Investment marketplace
• Bill payment services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Referral/Lead Generation Fees: Cermati earns referral fees and commissions from financial institution partners (banks, insurance companies, p2p lending platforms, multi-finance companies) when users successfully apply for or purchase financial products through the platform. The platform aggregates products from hundreds of financial partners and facilitates applications.
2. Investment Product Facilitation: Revenue from facilitating digital gold, reksa dana (mutual funds), stocks, and cryptocurrency investments through partnerships with licensed providers. Commission earned on investment product transactions processed through the platform.
3. Insurance Product Distribution: Commissions earned from insurance companies (car, life, health, travel insurance) for policies sold through the platform. PT Cermati Pialang Asuransi (Cermati Protect) is a licensed insurance broker regulated by OJK.
4. Digital Services and Bill Payments: Revenue from processing bill payments and digital services (phone credit, data packages, PLN electricity, BPJS, PDAM, internet, and other recurring bills) with transaction processing fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Cermati is an Indonesian fintech aggregation platform that helps consumers discover, compare, and apply for financial products from hundreds of partner institutions. The platform aggregates credit cards, personal and secured loans, auto/life/travel insurance, mutual funds, digital gold, stocks, cryptocurrency, PayLater, and recurring bill payments (pulsa, PLN, BPJS, PDAM, taxes) via a website and mobile app, earning referral fees and commissions from financial institution partners. It is operated by PT Agregasi Cermat Indonesia and registered/supervised by OJK, with licensed subsidiaries PT Cermati Pialang Asuransi (insurance broker) and PT Artha Investa Teknologi (investment services).

Product overview

Cermati is an Indonesian financial aggregation super-app that serves as a one-stop digital platform for financial products and services. The platform aggregates and distributes financial offerings across five major categories: (1) Credit & Loans including credit cards from 20+ banks (BNI, BRI, Bank Mandiri, BCA, CIMB Niaga, BTN, HSBC, OCBC, Maybank, UOB, Standard Chartered, PermataBank, Panin, DBS, Danamon, BJB, Bukopin, Sinarmas, AEON, BNP Paribas), unsecured loans (KTA), multi-purpose loans with collateral, home loans (KPR), vehicle loans for cars and motorcycles, and instant loans; (2) Insurance including auto insurance (Autocillin, Garda Oto, ACA, AXA Mandiri, MAG, Mega, OONA, Simas, Tugu), health and life insurance (Cigna), travel insurance (Sompo, Zurich, ACA, AXA, AIG, Chubb, MSIG, Travellin Adira), employee health insurance, and general insurance through Cermati Protect; (3) Investments including digital gold (powered by Treasury with BAPPEBTI license), mutual funds via Cermati Invest (from Rp 10,000), stocks, and cryptocurrency; (4) Digital Services including mobile airtime recharges for all major Indonesian operators (Telkomsel, XL, Indosat, Tri, Smartfren, Axis), data packages, PLN electricity payments, and government bill payments (BPJS, PBB, vehicle tax via e-Samsat); and (5) Financial Education through Cermati University with video content on investment strategies. The platform is operated by PT Agregasi Cermat Indonesia, registered with and supervised by OJK (Otoritas Jasa Keuangan).

Differentiator

Problem solved

Functional benefit

Brands

• Treasury (Emas Digital partner): Partner platform powering Cermati's digital gold investment product, a BAPPEBTI-licensed gold provider
• Cermati Invest
• Cermati Protect
• Indodana PayLater

Products and services

• Credit Cards Aggregation platform for credit cards from 20+ Indonesian banks including BNI, BRI, Bank Mandiri, BCA, CIMB Niaga, BTN, HSBC, OCBC, Maybank, UOB, Standard Chartered, Permata, Panin, DBS, Danamon, BJB, Bukopin, Sinarmas, AEON, and BNP Paribas. Users can filter by issuer, features (cashback, reward, travel, dining, premium, gasoline), and annual fees.
• Unsecured Personal Loans (KTA)
• Multi-Purpose Secured Loans (Kredit Multiguna)
• Home Ownership Loans (KPR)
• Motorcycle Loans
• Car Loans
• Instant Loans (Pinjaman Kilat)
• Auto Insurance
• Life & Health Insurance
• Travel Insurance
• Employee Health Insurance (Cermati Protect)
• Mutual Funds (Reksa Dana)
• Digital Gold (Emas Digital)
• Stock Trading (Saham)
• Cryptocurrency Trading (Kripto)
• Credit Reports (Laporan Kredit / SLIK)
• Mobile Airtime & Data Packages (Pulsa/Paket Data)
• Electricity Bills (PLN)
• BPJS Premium Payments
• PayLater (BNPL via Indodana)
• Cermati University

Quantifiable outcome

• One-stop solution for multiple financial product needs
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration57 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and major.

• TreasurycoreTechnology or IntegrationLicensed digital gold provider for Cermati's digital gold investment service. Treasury is BAPPEBTI-licensed (Badan Pengawas Perdagangan Berjangka Komoditi) to provide gold trading services. Cermati's digital gold is 100% backed by physical gold stored by Treasury.
• PT Cermati Pialang AsuransicoreStrategic or Co-development PartnerLicensed insurance broker subsidiary of Cermati. License number KEP-596/PD.02/2025. Registered and supervised by Otoritas Jasa Keuangan (OJK). Provides insurance product distribution and claims support services.
• PT Artha Investa TeknologicoreStrategic or Co-development PartnerSupporting entity for Cermati's financial services. License number KEP-7/PM.21/2021. Registered and supervised by Otoritas Jasa Keuangan (OJK).
• Indonesian Banks (BNI, BRI, Bank Mandiri, Bank Mayapada, Bank Mega, OCBC, and others)coreChannel Partner/ Reseller/ DistributorPartnership with multiple Indonesian banks to distribute credit card products through the Cermati platform. Users can compare and apply for credit cards from these banks including BNI, BRI, Bank Mandiri, Bank Mayapada, Bank Mega Syariah, OCBC, Honest, and Indodana Finance.
• Insurance Companies (Autocillin, Garda Oto, Sompo, Zurich, ACA, AXA, Chubb, and others)coreChannel Partner/ Reseller/ DistributorPartnership with multiple Indonesian insurance companies to distribute car, life, health, and travel insurance products. Partners include Autocillin, Garda Oto (Astra), Sompo, Zurich, ACA, AXA, Chubb, MSIG, AIG, and others. Cermati offers network of 2000+ partner workshops for car insurance claims.
• OK Bank and Bank Amar (Tunaiku)majorChannel Partner/ Reseller/ DistributorPartnership with OK Bank and Bank Amar (Tunaiku) to offer unsecured credit (KTA) and quick loans through the Cermati platform. OK Bank offers KTA with tenors up to 36 months and loan amounts up to Rp 200 million.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BankBazaar: India-based online financial product marketplace (credit cards, loans, insurance) that lets consumers compare and apply for products from multiple FIs. Closely mirrors Cermati's aggregator and referral-fee model in a comparable emerging Asian market.
• MoneyLion: US-based digital financial platform offering banking, lending, and investment products through a mobile app. Comparable as a multi-product financial services platform monetizing via referrals and embedded product distribution, though US-regulated.
• Credit Karma: Consumer finance platform providing free credit scores and helping users compare and apply for credit cards, loans, and insurance. Closely parallels Cermati's comparison-and-apply aggregator model with referral-fee monetization.
• GoCompare / Go.Compare: UK-based price comparison platform for financial products (insurance, credit, energy). Comparable as a financial aggregator monetizing through partner referral fees. Geographically distinct but functionally analogous.

Broad incumbents

• GoTo (Gojek + Tokopedia) / GoPintar: Indonesian super-app combining ride-hailing, e-commerce, and embedded financial services (payments, lending, investments). Overlaps with Cermati on consumer financial product distribution but is part of a much broader super-app portfolio rather than a specialized aggregator.
• Traveloka: Indonesian travel and lifestyle super-app that has expanded into financial services (payments, lending, insurance). Comparable as a digital consumer platform entering adjacent financial verticals in Indonesia, though travel is its core.

Emerging players

• Kredivo: Indonesia-focused digital credit and PayLater provider offering instant financing at checkout. Overlaps with Cermati on credit distribution in Indonesia but specializes in BNPL/credit, not as a multi-product aggregator.
• Akulaku: Southeast Asian consumer finance and BNPL platform with strong Indonesian presence. Comparable as a fintech serving Indonesian consumers across credit verticals, though more verticalized than Cermati's broad aggregation.

Others

• Indodana: Indonesian BNPL and digital credit provider whose PayLater product is integrated into Cermati's platform. Functions as a partner/feature on Cermati rather than a direct aggregator competitor.

Regional players

• DANA: Indonesian digital wallet and payments platform with growing financial services features (insurance, investments, credit). Overlaps with Cermati's bill payment and financial distribution scope in the same Indonesian market but is payment-led rather than aggregator-led.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/cermati_ID
• Facebookfacebook.com/cermati
• LinkedInlinkedin.com/company/cermati
• Instagraminstagram.com/cermati

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cermati