PT Multifinance Anak Bangsa

What PT Multifinance Anak Bangsa does

PT Multifinance Anak Bangsa (MAB) is an Indonesia-based, OJK-licensed multifinance company whose flagship offering is GoPay Later, a buy-now-pay-later (BNPL) product distributed inside the Gojek super-app, the GoPay digital wallet, and the Tokopedia marketplace. The product offers credit limits up to Rp 30 million with installments of up to 12 months and is activated within 1x24 hours following e-KYC and credit checks. MAB extends beyond BNPL into three traditional financing lines: Pembiayaan Investasi (investment financing), Pembiayaan Modal Kerja (working capital financing), and Pembiayaan Multiguna (multipurpose consumer financing), plus a separately disclosed Settlement Financing (RIPLAY) product, serving Indonesian consumers, informal sector workers, and micro/small business owners who are largely underserved by traditional credit cards.

The underlying technology is a digital lending platform integrated with Gojek, GoPay, and Tokopedia for origination, repayment collection, and wallet-based settlement, and integrated with Privy and Dukcapil for electronic know-your-customer, with credit performance and transaction records reported into the SLIK OJK registry. MAB uses external credit bureau checks, external collection partners, and credit insurance/guarantee providers for risk management. The company is the consolidated BNPL vehicle for the GoTo ecosystem, having absorbed the GoPay Later business of PT Mapan Global Reksa in August 2023 and the GoPayLater Cicil business of PT Atome Finansial Indonesia in October 2024. MAB is majority-owned by PT Gofin Karya Anak Bangsa (91.89%) with a minority stake held by PT Mapan Global Tech (8.11%), is led by President Director Johnson Chan alongside Directors Verdyka Kurniawan and Davin Karis, and is headquartered in South Jakarta.

MAB's revenue is generated almost entirely through interest and installment fees on financing disbursed, with distribution led by self-service product embedding inside Gojek/Tokopedia, complemented by direct sales of investment, working capital, and multipurpose financing to eligible borrowers. The company's value proposition is the combination of super-app-scale distribution, fast digital onboarding, OJK-licensed consumer protections, transparent installment billing, and SLIK-reported credit history that creates identifiable switching costs and supports the broader financial inclusion mandate of the GoTo ecosystem.

Name

PT Multifinance Anak Bangsa

Legal name

PT Multifinance Anak Bangsa

Website

https://mab.co.id

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

PT Multifinance Anak Bangsa is an OJK-licensed Indonesian multifinance company operating the GoPay Later BNPL platform inside the Gojek and Tokopedia ecosystems, offering installment financing up to Rp 30 million alongside three traditional consumer and SME financing lines.

Ownership category

akta.pro rank

Product category

Consumer Finance

NAICS

Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

B2B / Invoice-Based BNPL (Trade Credit at Checkout) (FSAGAIAC)

akta.pro secondary industry

Merchant Cash Advance (MCA) & Revenue-Based Financing (FSAKAGAD)

Keywords

• Consumer financing
• Buy now pay later
• Working capital loans
• Investment financing
• Multipurpose financing

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Installment Interest Income: Revenue generated from interest charges and installment fees (Biaya Cicilan) on GoPay Later financing. The financing is provided as purchase installment loans where MAB earns interest included within the total installment cost calculated based on principal, interest rate (Suku Bunga), and tenure.
2. Investment and Working Capital Financing: Revenue from Pembiayaan Investasi (investment financing) for capital goods and business expansion, and Pembiayaan Modal Kerja (working capital financing) for operational cycle needs. Income derived from interest on loans extended to eligible debtors.
3. Multipurpose Financing: Revenue from Pembiayaan Multiguna for consumer goods and services consumption, structured as installment payment plans with interest income as primary revenue driver.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

PT Multifinance Anak Bangsa is an OJK-licensed Indonesian multifinance company that provides consumer and small business financing solutions, including the GoPay Later Buy Now Pay Later (BNPL) product, investment financing, working capital financing, and multipurpose financing. Its offerings are primarily distributed through the Gojek and Tokopedia digital ecosystems, enabling digital onboarding and instant credit decisions for end users.

Product overview

PT Multifinance Anak Bangsa operates as a technology-based multi-finance company offering financing facilities to help consumers meet various needs through installment payment systems. The company's core product is GoPay Later, a buy-now-pay-later (BNPL) service providing installment financing across Gojek, Tokopedia, and merchant platforms with credit limits up to Rp 30 million and repayment terms up to 12 months. Beyond GoPay Later, the company offers three traditional financing products: Pembiayaan Investasi (investment financing for capital goods and business expansion), Pembiayaan Modal Kerja (working capital financing), and Pembiayaan Multiguna (multipurpose consumer financing). The portfolio is unified through the company's technology platform enabling digital onboarding, credit assessment, and cross-platform access to financing services.

Differentiator

Problem solved

Functional benefit

Brands

• GoPay Later: A Buy Now, Pay Later (BNPL) financing service providing installment payments for purchases made through Gojek, Tokopedia, and other online merchants, offering credit limits up to Rp 30 million and repayment terms up to 12 installments.

Products and services

• GoPay Later A Buy Now Pay Later (BNPL) financing product distributed through the Gojek and Tokopedia super-apps, allowing Indonesian consumers to pay for goods and services in installments within the digital ecosystem.
• Investment Financing (Pembiayaan Investasi) A financing product for small and medium businesses seeking to acquire productive assets such as vehicles or equipment to support business growth.
• Working Capital Financing (Pembiayaan Modal Kerja) A financing facility providing working capital to small and medium-sized businesses and UMKM entrepreneurs to fund day-to-day operations.
• Multipurpose Financing (Pembiayaan Multiguna) A flexible multipurpose financing product available to consumers and businesses for various personal or commercial needs beyond specific investment or working capital purposes.

Quantifiable outcome

• Account activation completed within 1x24 hours upon approval of terms and data sharing consent
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core, minor and supporting.

• PT Mapan Global Reksa (MGR)coreOthers · 4 August 2023Service migration partnership: PT Mapan Global Reksa transferred GoPay Later service provision to PT Multifinance Anak Bangsa starting August 4, 2023. Existing MGR users needed to consent to data transfer and MAB terms to continue using GoPay Later. Account migration completed within 1x24 hours upon approval.
• Benihbaik.comminorOthers · 8 December 2021CSR partnership for educational scholarship program. PT Multifinance Anak Bangsa (then PT Rama Multi Finance) collaborated with Benihbaik.com to provide scholarships to 9 underprivileged children in Depok through the #SemuaBisaBelajar program.
• PT GoTo Gojek Tokopedia Tbk (GoTo)coreChannel Partner/ Reseller/ DistributorStrategic distribution partnership where GoPay Later by MAB is distributed through Gojek ecosystem (Gojek app, GoPay app) and Tokopedia marketplace. GoTo provides the platform infrastructure and user base while MAB provides the financing services. Users can access GoPay Later across Gojek, Tokopedia, and various online merchants.
• PT Dompet Anak Bangsa (DAB/GoPay)Technology or IntegrationIntegration with GoPay digital wallet for payment processing. GoPay Later repayments can be made using GoPay balance. PIN authentication uses Gojek/GoPay account credentials.
• PT Privy Identitas Digital (Privy)supportingTechnology or IntegrationElectronic identity verification partner used for e-KYC processes. Privy provides digital identity validation services for user verification during account registration and onboarding.
• Direktorat Jenderal Kependudukan dan Pencatatan Sipil (Dukcapil)supportingTechnology or IntegrationGovernment institution providing access to population data for identity verification (e-KYC) purposes. MAB uses Dukcapil data connections for validating user identity authenticity.
• Lembaga Penilai Kredit (Credit Bureaus)supportingOthersCredit information institutions used by MAB for obtaining borrower credit history, collectability status, financial information, and creditworthiness assessment. Also used for updating credit records in customer databases.
• External Collection PartnerssupportingOthersExternal debt collection agencies (mitra penagihan eksternal) engaged by MAB for debt recovery activities when borrowers default on financing obligations.
• Credit Insurance Partners / Guarantee ProviderssupportingOthersInsurance and guarantee partners engaged by MAB for credit risk mitigation purposes, providing coverage for potential borrower defaults.
• Otoritas Jasa Keuangan (OJK)coreOthersRegulatory partner: PT Multifinance Anak Bangsa is licensed and supervised by OJK as a multifinance company. All operations comply with OJK regulations including reporting requirements, consumer protection, and AML/CFT provisions.
• Asosiasi Perusahaan Pembiayaan Indonesia (APPI)supportingOthersIndustry association membership providing representation and standards for Indonesian financing companies.
• Lembaga Alternatif Penyelesaian Sengketa Sektor Jasa Keuangan (LAPSSJK)supportingOthersAlternative dispute resolution institution for financial services sector. MAB is a member providing consumer complaint resolution mechanisms.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Indodana: Indonesian fintech lending platform offering paylater and cash loan products to online consumers and SMEs; close functional peer to MAB's GoPay Later and Pembiayaan Multiguna products.
• SPayLater (Shopee PayLater): BNPL product embedded in Indonesia's largest e-commerce platform (Shopee), targeting the same pay-at-checkout use case as GoPay Later, with similar merchant-funded economics.
• Kredivo: One of Indonesia's leading consumer BNPL and digital credit platforms, offering paylater and personal loans online; directly comparable to MAB's GoPay Later product targeting Gojek/Tokopedia and broader Indonesian digital consumers.
• Akulaku: Indonesia/SEA BNPL and digital lending platform focused on e-commerce instalments; competes head-to-head with GoPay Later in marketplace checkout financing.
• Atome (neuron/make purchases): Asia-Pacific BNPL provider whose Indonesian entity (formerly PT Atome Finansial Indonesia) operated GoPayLater Cicil on Tokopedia before the business was migrated to MAB in Oct 2024 — a directly comparable cross-market BNPL peer.

Broad incumbents

• Adira Finance: Major Indonesian multifinance company (part of Danamon/Bank Mandiri-affiliated groups) offering consumer, working capital and investment financing; broader incumbent with overlapping multifinance product set but more traditional channels.
• Federal International Finance (FIF Group): Astra Group's flagship multifinance company offering consumer durable financing, motorcycle loans and working capital; comparable on the traditional multifinance side (Pembiayaan Investasi/Multiguna) but distributed offline rather than via super-app.
• Astra Multifinance: Astra Group multifinance subsidiary providing consumer and working capital financing across Indonesia; parallels MAB's broader multifinance license scope, though with a much larger but offline-heavy book.

Emerging players

• Julo: Indonesian digital lending app focused on cash loans and paylater via mobile channels; partially overlapping with MAB's consumer credit offering but without the embedded super-app distribution.
• KoinWorks: Indonesian fintech lending platform serving SMEs and consumers with productive-use credit; adjacent to MAB's Pembiayaan Investasi and Modal Kerja products with an ecosystem-finance angle.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/gopayindonesia
• Facebookfacebook.com/GoPayIndonesia
• Instagraminstagram.com/gopayindonesia
• LinkedInlinkedin.com/company/pt.-multi-artha-bersama

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

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 PT Multifinance Anak Bangsa