Indodana
PT Indodana Multi Finance (Indodana) is an Indonesian OJK-licensed fintech operating a Buy Now Pay Later and consumer credit platform serving underbanked Indonesian consumers via a mobile app and thousands of merchant partners including Blibli, Tiket.com, and Electronic City.
- Company typePrivate
- Founded2018
- HeadquartersJakarta Pusat, Indonesia
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Indodana does
PT Indodana Multi Finance (Indodana) is an Indonesian fintech company operating a Buy Now Pay Later (BNPL) and consumer credit platform, headquartered in Jakarta Pusat and licensed and supervised by Otoritas Jasa Keuangan (OJK). Founded in 2018, the company targets Indonesian consumers aged 18-70 with a minimum monthly income of Rp 3,000,000 who lack access to or prefer not to use credit cards. Its core product, Indodana PayLater, offers credit limits up to Rp 50 million (~USD 3,000) with 30-day deferred payment or installment tenors of 3, 6, 12, 18, or 24 months, distributed through a self-serve mobile application on Android and iOS with instant approval (within 24 hours) following KTP and selfie submission.
The product suite has expanded beyond BNPL into broader consumer credit: device-specific installment financing for phones, laptops, tablets, and smartwatches; electric motorcycle financing (Cicilan Motor Listrik); collateral-backed cash loans secured by motor and car BPKB; and unsecured cash loans via its fintech subsidiary at indodanafintech.co.id. The platform earns revenue through installment interest and fees on consumer financing and merchant partnership fees, capturing the spread between merchant rates and consumer installment rates. A white-label co-branded offering, BTPL (Bebas Tunai PayLater), extends a shared credit limit across Indodana Finance, Blibli, and tiket.com.
The go-to-market motion is product-led and mobile-first: users self-register, submit documents, receive approval, and spend at thousands of merchant partners spanning e-commerce, electronics retail, travel, fitness, and lifestyle categories. Merchant partners include Blibli, Tiket.com, Electronic City, Hartono Elektronik, UFO Elektronika, DigiMap, DigiPlus, iBox, Alfagift, EraSpace, and Erafone. Distribution is exclusively domestic (Indonesia), with nationwide coverage across Java, Sumatra, Bali, Nusa Tenggara, Kalimantan, and Sulawesi. The company is privately held with no disclosed funding rounds, parent company, or institutional investors.
Indodana firmographics
Firmographics- Name
- Indodana
- Legal name
- PT Indodana Multi Finance
- Website
- https://indodana.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- PT Indodana Multi Finance (Indodana) is an Indonesian OJK-licensed fintech operating a Buy Now Pay Later and consumer credit platform serving underbanked Indonesian consumers via a mobile app and thousands of merchant partners including Blibli, Tiket.com, and Electronic City.
- Ownership category
- akta.pro rank
Indodana industry classification
Industry- Product category
- Consumer Lending (Buy Now Pay Later)
- NAICS
- Sales Financing (522220)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)
- akta.pro secondary industry
- BNPL for High-Ticket / Longer-Term Installments (FSAKACAN)
Keywords
Where Indodana is headquartered
LocationHeadquarters
- HQ city
- Jakarta Pusat
- HQ country
- Indonesia
- HQ region
- Asia
Offices2 records
Markets served
Indodana business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Installment Interest/Fees: Indodana charges interest and fees on installment payments. Customers can pay in 30 days (interest-free) or choose installment tenor of 3/6/12/18/24 months with applicable interest charges. The company earns revenue from the spread between merchant rates and consumer installment rates.
- Merchant Partnership Fees: Indodana partners with various merchants (e-commerce, electronics, lifestyle) who pay for access to the BNPL payment option, driving sales conversions. Merchants receive installment payment capability through co-branding and white-label arrangements.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Credit limit up to Rp50 million with flexible tenors |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Indodana product offering
Product offeringCore offering
Indodana is a fintech consumer credit and Buy Now Pay Later (BNPL) platform operated under PT Indodana Multi Finance and licensed by Indonesia's OJK. It provides individuals with a digital credit line of up to Rp 50 million usable at thousands of partner merchants across e-commerce, electronics, travel, and lifestyle, repayable in 30 days interest-free or in installments of 3, 6, 12, 18, or 24 months. The platform also offers co-branded PayLater (BTPL with Blibli and tiket.com), consumer electronics installment financing, electric motorcycle installments, BPKB-backed vehicle title loans, and unsecured cash loans.
Product overview
Indodana operates a multi-product financial services platform centered on its core Indodana PayLater BNPL service and its white-label co-branding variant BTPL (Bebas Tunai PayLater). The platform offers a range of consumer credit products including electronic device installment loans (HP, laptop, tablet, smartwatch), electric motorcycle financing, and collateral-backed loans using motor and car BPKB (vehicle registration certificates), supplemented by unsecured cash loans through its fintech subsidiary. All products are distributed via a mobile application and a network of merchant partners across Indonesia, with credit limits reaching up to Rp 50 million and tenors from 30 days to 24 months.
Differentiator
Problem solved
Functional benefit
Brands
- Indodana PayLater: Digital credit service for purchasing goods or services on installment plans at partner merchants without requiring a credit card.
- BTPL (Blibli Tiket PayLater)
Products and services
- Indodana PayLater Buy Now Pay Later (BNPL) digital credit service for Indonesian consumers enabling purchases at partner merchants repayable via 30-day deferred payment or installment tenors of 3, 6, 12, 18, or 24 months, with a credit limit of up to Rp 50 million and approval within approximately one business day.
- BTPL (Bebas Tunai PayLater) Co-branded PayLater offering a single shared credit limit usable across Indodana Finance, Blibli, and tiket.com through cross-platform connectivity in the Indodana Finance application.
- Kredit HP (Handphone) Installment financing for purchasing mobile phones through the Indodana platform, offered to Indonesian consumers via the Indodana app and partner merchants.
- Kredit Laptop Installment financing for purchasing laptops through the Indodana platform for Indonesian consumers.
- Kredit Tablet Installment financing for purchasing tablets through the Indodana platform for Indonesian consumers.
- Kredit Smartwatch Installment financing for purchasing smartwatches through the Indodana platform for Indonesian consumers.
- Cicilan Motor Listrik Installment financing for electric motorcycles offered through Indodana's lending ecosystem to Indonesian consumers.
- Pinjaman Jaminan BPKB Motor Secured cash loan using a motor vehicle's BPKB (vehicle registration certificate) as collateral, offered to Indonesian borrowers via Indodana.
- Pinjaman Jaminan BPKB Mobil Secured cash loan using a car's BPKB (vehicle registration certificate) as collateral, offered to Indonesian borrowers via Indodana.
- Pinjaman Dana Tunai Unsecured cash loan product offered by Indodana Fintech through indodanafintech.co.id to Indonesian borrowers.
- Merchant PayLater Integration (Jadi Merchant / Co-branding PayLater / Developer API) B2B integration offerings that allow Indonesian merchants to embed Indodana PayLater as a payment option: a self-serve 'Jadi Merchant' onboarding path, white-label/co-branded PayLater, and a developer API for technical integration into merchant platforms.
Companies that use Indodana
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Indodana technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Indodana partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and general.
- BliblicoreBlibli is a major e-commerce platform partner where customers can use their Indodana PayLater credit limit for purchases. Through the co-branded Btpl (Blibli Tiket PayLater) product, users have a single limit usable across Indodana Finance, Blibli, and tiket.com.
- Tiket.comcoreTiket.com is a travel booking platform partner allowing customers to use Indodana PayLater for flight tickets, hotels, and other travel services. Integrated through co-branded Btpl product with shared credit limit.
- Electronic CitycoreElectronic City is an electronics retail chain partner where customers can use Indodana PayLater for purchasing gadgets, appliances, and electronic devices in installments.
- Hartono ElektronikcoreHartono Elektronik is an electronics retailer offering Indodana PayLater as a payment option for consumer electronics purchases.
- UFO ElektronikageneralUFO Elektronika is an electronics retail partner where Indodana PayLater installment payments are accepted.
- DigiMapgeneralDigiMap is a technology gadget retailer partner offering Indodana PayLater for device purchases with BNPL promotions available.
- DigiPlusgeneralDigiPlus is a technology products retailer partner accepting Indodana PayLater payments.
- iBoxgeneraliBox is an Apple authorized reseller partner where Indodana PayLater can be used for Apple product purchases.
- AlfagiftgeneralAlfagift is an e-commerce/grocery platform partner allowing Indodana PayLater payments for purchases.
- EraSpacegeneralEraSpace is an Apple authorized retailer partner where customers can purchase Apple products using Indodana PayLater installments.
- ErafonegeneralErafone is a mobile phone and gadget retail chain partner accepting Indodana PayLater for device purchases.
- Otoritas Jasa Keuangan (OJK)coreOJK is the financial services regulatory authority that licenses and supervises PT Indodana Multi Finance. Indodana also participates in GENCARKAN (Gerakan Nasional Cerdas Keuangan), an OJK-initiated national financial literacy movement for Indonesia Emas 2045.
Scale indicators2 records
Recent moves1 record
Expansion highlights5 records
Indodana competitors and assessment
Company assessmentBroad incumbents
- GoPayLater by Gojek: GoPayLater is Gojek's BNPL service embedded in the Gojek super-app across mobility, deliveries and merchants. Comparable in offering Indonesian consumers app-based installment credit, but backed by a much broader incumbent platform.
- Astra Financial (KTA Astra / MOF): Astra Financial operates multi-finance subsidiaries including consumer-credit and installment financing arms in Indonesia, comparable to Indodana's regulated multi-finance business offering BPKB-backed and unsecured consumer loans at scale.
- Shopee PayLater: Shopee PayLater is a BNPL product operated within Sea Group's Shopee super-app, Indonesia's largest e-commerce platform. Comparable as a merchant-integrated BNPL targeting Indonesian consumers, but operates as part of a much broader incumbent commerce ecosystem.
Regional players
- Atome: Atome is a Southeast Asia regional BNPL player operating across Indonesia, Singapore, Malaysia and other markets. Comparable as a merchant-integrated BNPL in Indonesia, though Indodana has deeper Indonesia-specific distribution and licensing depth.
Direct peers
- Akulaku: Akulaku is an Indonesia-headquartered BNPL and digital consumer finance platform offering paylater, virtual cards and installment loans across e-commerce. Directly comparable to Indodana in product mix, Indonesian geography, and target underbanked consumers.
- Kredivo: Kredivo is a leading Indonesian BNPL and digital credit provider offering paylater and personal loan products to Indonesian consumers. Same geography, same customer segment, and same merchant-integrated BNPL model as Indodana.
- Traveloka PayLater: Traveloka PayLater is Indonesia's largest travel-super-app BNPL offering installment payments for flights, hotels and lifestyle. Overlaps with Indodana's merchant-integrated BNPL model and travel vertical partnership approach.
- Home Credit Indonesia: Home Credit Indonesia is a multi-finance licensed Indonesian consumer-credit provider offering installment financing for electronics, gadgets and household goods. Closely comparable to Indodana's electronics BNPL and consumer credit products, with similar regulatory profile.
Emerging players
- JULO: JULO is an Indonesia-focused digital lending fintech providing cash loans and paylater to underbanked consumers via mobile app. Comparable to Indodana's Pinjaman Dana Tunai product and BNPL app distribution approach, though smaller in scale.
- SPaylater (ShopeePay/Sea): SPaylater is Shopee's embedded BNPL feature inside the Shopee wallet. Overlaps with Indodana's consumer-app, paylater wallet concept, though delivered through an incumbent super-app rather than a standalone finance app.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Indodana social profiles
Digital presenceIndodana financial estimates
Financial estimateRevenue estimate
Valuation estimate
Indodana leadership team
Management profileNumber of profiles
Indodana funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Indodana M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Indodana
What does Indodana do?
Indodana is a fintech consumer credit and Buy Now Pay Later (BNPL) platform operated under PT Indodana Multi Finance and licensed by Indonesia's OJK. It provides individuals with a digital credit line of up to Rp 50 million usable at thousands of partner merchants across e-commerce, electronics, travel, and lifestyle, repayable in 30 days interest-free or in installments of 3, 6, 12, 18, or 24 months. The platform also offers co-branded PayLater (BTPL with Blibli and tiket.com), consumer electronics installment financing, electric motorcycle installments, BPKB-backed vehicle title loans, and unsecured cash loans.
Is Indodana a public or private company?
Indodana is a private company. It is classified as unknown and is currently operating.
When was Indodana founded?
Indodana was founded in 2018. It employs 101 to 250 people.
Where is Indodana based?
Indodana is headquartered in Jakarta Pusat, Indonesia, in the Asia region.
How does Indodana make money?
Two revenue lines are on record. Installment Interest/Fees are the primary driver. The others are merchant Partnership Fees.
Who are Indodana's main competitors?
Broad incumbents on record are GoPayLater by Gojek, Astra Financial (KTA Astra / MOF) and Shopee PayLater. Atome is listed as a regional player. Direct peers are Akulaku, Kredivo, Traveloka PayLater and Home Credit Indonesia. Emerging players are JULO and SPaylater (ShopeePay/Sea).
Does Indodana have an API?
No public API is recorded for Indodana.
What industry is Indodana in?
Indodana's product category is Consumer Lending (Buy Now Pay Later). Its primary akta.pro industry code is FSAKACAA, Merchant-Integrated BNPL (Online Checkout), with a secondary code of FSAKACAN, BNPL for High-Ticket / Longer-Term Installments. Its NAICS code is 522220 and its SIC code is 6141.