Modal Rakyat
Modal Rakyat is an OJK-licensed Indonesian P2P lending platform that funds MSME working capital and collateral-free consumer micro-loans (up to Rp 20 million) using retail and institutional lenders, with cumulative disbursements of Rp 12.66 trillion since its 2018 founding.
- Company typePrivate
- Founded2018
- HeadquartersKuningan, Indonesia
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Modal Rakyat does
Modal Rakyat (legally PT Modal Rakyat Indonesia) is an Indonesian OJK-licensed peer-to-peer lending platform founded in 2018 and headquartered at Ratu Plaza Office Tower in central Jakarta. The company operates a two-sided marketplace connecting MSME borrowers seeking productive working capital with retail and institutional lenders (Pendana) seeking returns of up to 18% per annum flat. Borrowers access two principal products: Pinjaman Bisnis, an assisted, relationship-manager-led business loan product targeted at Indonesia's 65+ million MSMEs that lack access to formal bank credit, and Fazza Pinjam, a self-service, collateral-free digital micro-loan of up to Rp 20 million distributed through iOS and Android apps. Lenders receive a dedicated, LPS-protected Rekening Dana Lender (RDL) custody account held with Bank Negara Indonesia (BNI), electronic loan agreements executed via PrivyID under POJK 10/POJK.05/2022 and UU ITE, and an optional credit-insurance add-on via PT Citra International Underwriters covering up to 75% of accumulated premium after 90 calendar days past due. Loan agreements are registered at SLIK OJK and the AFPI Fintech Data Center.
The platform's revenue mechanics are predominantly transactional: interest of 15-20% per annum flat on productive business loans, origination/provisioning, administration fees subject to VAT (PPN), akad (loan agreement) fees, and late-payment penalties on Pinjaman Bisnis, plus origination fees and interest on Fazza Pinjam micro-loans. The technology stack is composed of digital onboarding, online registration, a website-based funding interface, mobile applications, credit-scoring and risk-assessment tooling with Fact Sheets supporting lender decisions, and electronic-signature integration via PrivyID. Modal Rakyat is ISO 27001:2013 certified since 5 December 2018 and AFPI/PINDAR-certified. Since 5 May 2021, Modal Rakyat has operated as part of the broader Fazz Group ecosystem alongside Payfazz Teknologi Nusantara and Fazz Capital Finance.
The go-to-market is hybrid: product-led growth for lenders (self-service online registration, website-based Funnel, social media and YouTube-driven acquisition) and a sales-led motion for MSME borrowers through a relationship-manager-driven business survey and verification process. Distribution is further amplified through bank channeling partnerships (Bank Mandiri via Meratus, BCA Digital, Bank Ganesha, BRI Agro, Bank Jago, Bank Neo Commerce) and corporate ecosystem partnerships (Xi Boba / Mitra Boga Ventura, Selis / PT Juara Bike, CrediMart, BukaPengadaan / Bukalapak). Cumulative disbursement since inception is Rp 12.66 trillion across approximately 124,860 borrowers and 14,822 registered lenders.
Modal Rakyat firmographics
Firmographics- Name
- Modal Rakyat
- Legal name
- PT Modal Rakyat Indonesia
- Website
- https://modalrakyat.id
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Modal Rakyat is an OJK-licensed Indonesian P2P lending platform that funds MSME working capital and collateral-free consumer micro-loans (up to Rp 20 million) using retail and institutional lenders, with cumulative disbursements of Rp 12.66 trillion since its 2018 founding.
- Ownership category
- akta.pro rank
Modal Rakyat industry classification
Industry- Product category
- Peer-to-Peer Lending
- NAICS
- Mortgage and Nonmortgage Loan Brokers (52231), Mortgage and Nonmortgage Loan Brokers (522310), Credit Intermediation and Related Activities (522)
- SIC
- Loan Brokers (6163)
- akta.pro primary industry
- Hard Money & Private Mortgage Lending Intermediation (FSAEAEAH)
- akta.pro secondary industries
- Near-Prime Unsecured Personal Loans (Installment) (FSAKAAAB), Subprime & Deep-Subprime Unsecured Personal Loans (Installment) (FSAKAAAC), Prime Unsecured Personal Loans (Installment) (FSAKAAAA)
Keywords
Where Modal Rakyat is headquartered
LocationHeadquarters
- HQ city
- Kuningan
- HQ country
- Indonesia
- HQ region
- Asia
Offices1 record
Markets served
Modal Rakyat business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Interest Income on Productive Business Loans: Modal Rakyat facilitates peer-to-peer lending between lenders and MSMEs. The platform earns revenue through interest charged to borrowers on productive business loans. Interest rates range from 15-20% per year (flat). Additional fees include provisioning, administration (subject to PPN), loan agreement fees, and late payment penalties.
- Fazza Pinjam Micro-Loan Fees: Digital micro-loan product (Fazza Pinjam) provides collateral-free cash advances up to Rp 20 million with flexible tenors. Revenue is generated from origination fees and interest charged on the disbursed loans.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Productive Business Loans: Interest 15-20% per year, plus admin and akad fees |
| Transaction based/ take rate | Pay-as-you-go | Fazza Pinjam micro-loan: up to Rp 20 million, collateral-free, flexible tenor |
| Outcome Based/ Performance | Pay-as-you-go | Lender Returns: up to 18% per year flat for productive lending |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Modal Rakyat product offering
Product offeringCore offering
Modal Rakyat is an OJK-licensed peer-to-peer lending platform that connects individual and institutional lenders (Pendana) with borrowers across two product lines: productive business loans (Pinjaman Bisnis) for MSMEs needing working capital, and Fazza Pinjam collateral-free digital micro-loans for individuals needing quick cash up to Rp 20 million. Revenue is generated through interest income (15-20% per annum flat on productive loans) and transactional fees, with funds channeled via a dedicated lender account (RDL) protected under Indonesia's LPS deposit insurance scheme.
Product overview
Modal Rakyat operates as a peer-to-peer lending platform offering a portfolio of products across lending and funding. The core platform connects MSME borrowers with lenders, comprising two main lending products: Pinjaman Bisnis (business loans for working capital) and Fazza Pinjam (collateral-free digital micro-loans up to Rp 20 million). On the funding side, Pendanaan enables individual and institutional lenders to finance productive and multi-purpose loans with returns up to 18% per annum. The platform supplements its core services with add-on modules including Rekening Dana Lender (a dedicated bank account via BNI partnership for secure fund management) and Proteksi Asuransi (credit insurance via PT Citra International Underwriters covering up to 75% of premiums in default scenarios).
Differentiator
Problem solved
Functional benefit
Brands
- Fazza Pinjam: Digital collateral-free loan product designed for individuals needing fast, easy, and secure access to funds up to Rp 20 Million. Part of the Modal Rakyat platform under the Fazz ecosystem.
Products and services
- Pinjaman Bisnis Productive working capital loan product for MSME owners featuring flexible tenors, fast digital disbursement, transparent costs, and a multi-step assisted origination process including registration, business survey by relationship managers, data verification, loan approval, lender fund-raising, and disbursement. Interest rates range from 15-20% per annum (flat), with provisioning, administration (subject to PPN), loan agreement, and late payment fees.
- Fazza Pinjam Collateral-free digital micro-loan product under the Fazz ecosystem, accessible via mobile applications on iOS and Android. Designed for individual consumers needing quick, easy, and secure funds up to Rp 20 million. Registration requires only KTP and basic documentation, with instant limit approval, flexible tenor and repayment date selection by the borrower, and cash disbursement to bank account. Registered at SLIK OJK, Fintech Data Center AFPI, and Credit Bureaus.
- Pendanaan (Lending/Funding) Funding service enabling individual and institutional lenders (Pendana) to finance productive and multi-purpose loans to MSMEs on the Modal Rakyat platform. Lenders can earn potential returns of up to 18% per annum (flat), access transparent borrower information via Fact Sheets, and benefit from credit insurance protection covering up to 75% of accumulated premiums on default through PT Citra International Underwriters. Returns are received with each loan repayment from borrowers.
Quantifiable outcome
- Rp 12.66 trillion in total loans disbursed since inception
- +4 more outcomes
Companies that use Modal Rakyat
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
Modal Rakyat technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature6 records
Modal Rakyat partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core and minor.
- Bank MandiricoreBank Mandiri collaborated with Meratus and Modal Rakyat to offer smart financing products where Bank Mandiri channels financing through Modal Rakyat's P2P lending platform. Meratus Group's customers can access credit facilities processed digitally without visiting a bank branch.
- Bank GaneshacorePT Modal Rakyat Indonesia partnered with PT Ganesha Tbk (Bank Ganesha) as a channeling partner for credit distribution to MSMEs, expanding access to financing through the P2P lending platform.
- Xi Boba (Mitra Boga Ventura Group)coreModal Rakyat partnered with Xi Boba (under Mitra Boga Ventura Group) to provide financing for employees who want to open Xi Boba outlets. Financing schemes include 0% installment options, enabling employee entrepreneurship.
- PT Juara Bike (Selis)minorModal Rakyat expanded its partner network by collaborating with PT Juara Bike (Selis) to provide financing solutions for dealers and customers of the bicycle and e-vehicle brand.
- CrediMartcoreIn cooperation with Modal Rakyat, CrediMart (B2B commerce platform) facilitated productive financing transactions for retail stores across cities and regencies, reaching Rp 500 billion in financing volume.
- BCA DigitalcoreBCA Digital and Modal Rakyat collaborated to support Indonesian MSMEs, enabling borrowers to obtain joint financing through the P2P lending platform (Fazz) starting November 14, 2022.
- PT Citra International UnderwriterscoreModal Rakyat partnered with PT Citra International Underwriters to provide credit insurance protection for lenders. Insurance claims can be disbursed up to 75% of accumulated premium paid by lenders in case of borrower default after 90 calendar days past due.
- Bank Negara Indonesia (BNI)coreModal Rakyat partners with Bank Negara Indonesia (BNI) to provide Rekening Dana Lender (RDL), a dedicated bank account for lenders. Funds are protected under LPS (Lembaga Penjamin Simpanan) deposit insurance, enhancing lender security.
- PrivyIDcoreModal Rakyat partners with PrivyID as an electronic signature service provider for digital loan agreement execution, complying with POJK 10/POJK.05/2022 and UU ITE requirements for secure and legally binding digital documents.
- Bank Neo CommerceminorModal Rakyat collaborated with Bank Neo Commerce to support digital transformation and provide digital financial services, enabling broader access to financing for underserved segments.
- Bank JagominorModal Rakyat partnered with Bank Jago to drive digital financial inclusion in Indonesia, sharing common aspirations in advancing the MSME sector through technology-enabled lending.
- BRI AgrominorModal Rakyat diversified MSME financing by partnering with BRI Agro, enabling broader reach to agricultural and rural businesses through the P2P lending platform.
- BukaPengadaan (Bukalapak)minorModal Rakyat and BukaPengadaan from Bukalapak collaborated to help Indonesian MSMEs access financing up to billions of rupiah through the platform.
- Fazz GroupcoreModal Rakyat is the P2P lending platform of Fazz Group (Fazz Financial Group), strengthening synergies within the Fazz ecosystem for financial services including lending, payments, and agent networks.
Scale indicators10 records
Recent moves10 records
Expansion highlights5 records
Modal Rakyat competitors and assessment
Company assessmentDirect peers
- Amartha: Indonesian P2P lending fintech focused on productive lending to micro and ultra-micro businesses, predominantly women-owned MSMEs. Comparable in P2P intermediation model, target segment (underserved MSMEs), and OJK-licensed regulatory framework.
- Investree: Indonesian OJK-licensed P2P lending platform focused primarily on MSME working capital financing. Closely comparable to Modal Rakyat's Pinjaman Bisnis product, serving similar borrower profiles with similar intermediation economics.
- Mekar (PT Mekar Investama): Indonesian P2P lending platform focused on productive lending to micro and small businesses. Direct peer in P2P intermediation, MSME target segment, and OJK-licensed regulatory standing.
- KoinWorks: One of Indonesia's largest OJK-licensed P2P lending platforms serving MSMEs and individual borrowers with business and consumer loans. Directly comparable to Modal Rakyat in product mix (productive lending + consumer micro-loans), regulatory standing, and target borrower segments.
- Akulaku: Indonesia and Southeast Asia-focused consumer digital credit and e-commerce platform. Comparable in providing collateral-free consumer credit to underbanked individuals, with similar digital-first onboarding and risk-based pricing.
- Pinjam Modal (Pinjam.co.id): Indonesian P2P lending platform providing working capital loans to MSMEs. Direct peer in productive MSME lending, OJK-licensed, and operating with similar intermediation model and target market.
- Julo: Indonesian OJK-licensed digital lending platform offering cash loans and paylater products to individual borrowers via mobile. Comparable in consumer micro-loan product design, mobile-first distribution, and similar borrower risk segment as Fazza Pinjam.
- Kredivo: Indonesia-focused digital credit platform offering consumer pay-later and cash loans via mobile. Closely comparable to Modal Rakyat's Fazza Pinjam collateral-free consumer micro-loan product, with similar target borrower profile (digital-first consumers needing quick, small-ticket credit).
- Akseleran: Indonesian OJK-licensed P2P lending platform focused on MSME productive financing. Direct peer with similar product scope, regulatory standing, and MSME borrower base as Modal Rakyat's business loan offering.
Broad incumbents
- Bank Mandiri (Mandiri): Indonesia's largest state-owned commercial bank and a channeling partner of Modal Rakyat. Comparable as a broad incumbent offering MSME and consumer credit products at scale; relevant both as a peer (in MSME lending) and as a distribution partner via its smart financing channel.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Modal Rakyat social profiles
Digital presenceModal Rakyat compliance and trust
Trust signalCompliance3 records
Modal Rakyat financial estimates
Financial estimateRevenue estimate
Valuation estimate
Modal Rakyat leadership team
Management profileNumber of profiles
Profiles6 records
Modal Rakyat funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Modal Rakyat 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 Modal Rakyat
What does Modal Rakyat do?
Modal Rakyat is an OJK-licensed peer-to-peer lending platform that connects individual and institutional lenders (Pendana) with borrowers across two product lines: productive business loans (Pinjaman Bisnis) for MSMEs needing working capital, and Fazza Pinjam collateral-free digital micro-loans for individuals needing quick cash up to Rp 20 million. Revenue is generated through interest income (15-20% per annum flat on productive loans) and transactional fees, with funds channeled via a dedicated lender account (RDL) protected under Indonesia's LPS deposit insurance scheme.
Is Modal Rakyat a public or private company?
Modal Rakyat is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Modal Rakyat founded?
Modal Rakyat was founded in 2018. It employs 11 to 50 people.
Where is Modal Rakyat based?
Modal Rakyat is headquartered in Kuningan, Indonesia, in the Asia region.
How does Modal Rakyat make money?
Two revenue lines are on record. Interest Income on Productive Business Loans are the primary driver. The others are fazza Pinjam Micro-Loan Fees.
Who are Modal Rakyat's main competitors?
Direct peers on record are Amartha, Investree, Mekar (PT Mekar Investama), KoinWorks, Akulaku, Pinjam Modal (Pinjam.co.id), Julo, Kredivo and Akseleran. Bank Mandiri (Mandiri) is listed as a broad incumbent.
Does Modal Rakyat have an API?
No public API is recorded for Modal Rakyat.
What industry is Modal Rakyat in?
Modal Rakyat's product category is Peer-to-Peer Lending. Its primary akta.pro industry code is FSAEAEAH, Hard Money & Private Mortgage Lending Intermediation, with a secondary code of FSAKAAAB, Near-Prime Unsecured Personal Loans (Installment). Its NAICS code is 52231 and its SIC code is 6163.