Indonesia Peer-to-Peer Lending Market Size and Forecast to 2028 | Sample Report Ken Research

krishilahkar 0 views 31 slides Oct 13, 2025
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About This Presentation

The Indonesia Peer-to-Peer Lending Market is projected to witness strong double-digit growth through 2028, driven by rapid fintech adoption, SME financing demand, and smartphone penetration. Lending volume surged significantly post-2021, supported by government-backed fintech frameworks and investor...


Slide Content

Indonesia P2p Lending Market
Outlook To 2027
Driven by Countrys large unbanked
population, rising internet penetration,
and increasing demand for alternative
sources of funding
October 2025
Author: Sunaiyna Verma   |   Vertical: Banking Financial Services and Insurance   |   Region:
Asia
Shaped by Expanding Financial Inclusion, Rising Digital Adoption, Supportive Regulatory Environment.

Table of Contents
1. Executive Summary
2. Market Overview: Indonesia P2P Lending Market Outlook to 2027
3. Market Segmentation of Indonesia P2p Lending, 2025
4. Industry Analysis
1
1.1 Executive Summary of Indonesia P2p Lending Market
2
2.1 Market De�nition and Scope
2.2 Historical Market Size by Volume
2.3 Historical Market Size by Revenue
2.4 Forecasted Market Size (2022–2027)
2.5 Five-Year CAGR Analysis
3
3.1 Segmentation by Borrower Type: (Consumer Lending, MSME Lending, Corporate Lending, Agricultural/Commodity
Financing)
3.2 Segmentation by Loan Type: (Unsecured Lending, Secured Lending)
3.3 Segmentation by Funding Source: (Funding Source, Platform Type, Interest Rate Type, Loan Tenure)
3.4 Segmentation by Application Channel: (Application Channel, Purpose of Loan, Geographic Region, End-user Industry)
4
4.1 Growth Value Drivers
4.1.1 Expanding Financial Inclusion
4.1.2 Rising Digital Adoption
4.1.3 Supportive Regulatory Environment
4.1.4 Growing MSME Credit Demand
4.2 Industry Challenges
4.2.1 Credit Risk and Default Management
4.2.2 Regulatory Compliance Complexity
4.2.3 Funding and Liquidity Constraints
4.2.4 Competition from Traditional Financial Institutions
4.3 Opportunities
4.3.1 Rural and Underserved Market Expansion
4.3.2 Product and Service Diversi�cation
4.3.3 Strategic Partnerships with Banks/Fintech
4.3.4 Advanced Data Analytics and AI Integration
4.4 Emerging Trends
4.4.1 AI/ML-Powered Underwriting
4.4.2 Embedded Finance Solutions
4.4.3 Blockchain for Transparency and Security

5. Value Chain and Industry Taxonomy
6. Regulatory Framework
7. Competitive Landscape of the Indonesia P2p Lending
8. Future Market Segmentation of Indonesia P2p Lending, 2030
9. Analyst Recommendations
10. Research Methodology
4.4.4 Sustainable and Green Financing
5
5.1 P2P Platform Operators
5.2 Investors/Lenders
5.3 Borrowers
5.4 Payment and Escrow Service Providers
5.5 Credit Scoring & Data Analytics Vendors
5.6 Regulators
5.7 Taxonomy Diagram
6
6.1 OJK Licensing and Registration
6.2 Prudential and Operational Guidelines
6.3 Consumer Protection and Data Privacy
6.4 Reporting, Disclosure and Audit Requirements
6.5 Taxation and Fiscal Policies
7
7.1 Major Companies Covered: (Modalku, KoinWorks, Investree, Akseleran, Amartha, and Others)
7.2 Operational Parameters: (Company, Headquarter, Loan Disbursement Volume, Operating Revenue, Delinquency Ratio,
Net Pro�t Margin, and Others)
7.3 Financial Parameters: Market Shares, Revenues, and Pro�t Margins
8
8.1 Segmentation by Borrower Type: (Consumer Lending, MSME Lending, Corporate Lending, Agricultural/Commodity
Financing)
8.2 Segmentation by Loan Type: (Unsecured Lending, Secured Lending)
8.3 Segmentation by Funding Source: (Funding Source, Platform Type, Interest Rate Type, Loan Tenure)
8.4 Segmentation by Application Channel: (Application Channel, Purpose of Loan, Geographic Region, End-user Industry)
9
9.1 TAM/SAM/SOM Analysis
9.2 Go-to-Market Strategies
9.3 Partnership and Ecosystem Development
9.4 Risk Mitigation and Compliance Roadmap
10
10.1 Data Sources
10.2 Primary Research Approach
10.3 Secondary Research Approach

11. Disclaimer
12. Contact Us
10.4 Forecasting Model and Assumptions
10.5 Limitations
11
12

01
Executive Summary

Executive Summary
Exhibit 1.1
Taxonomy & Market Size of Indonesia P2P Lending Market
Indonesia P2P Lending Market
(USD XX Bn)
By Borrower Type By Loan Type
Consumer Lending
XX%
Focus on
individual
borrowers with
small ticket sizes.
Salaried
Individuals
(XX%)
Self-employed
Professionals
(XX%)
Gig-Economy
Workers
(XX%)
MSME Lending
XX%
Targets micro,
small, and
medium
enterprises.
Micro
(XX%)
Small
(XX%)
Medium
(XX%)
Corporate Lending
XX%
Lending to larger
�rms with
signi�cant
revenue.
Mid-cap
Corporates
(XX%)
Large
Corporates
(XX%)
Unsecured Lending
XX%
No collateral
required for
these loans.
Invoice
Financing
(XX%)
Salary Advance
(XX%)
Receivables-
based
Financing
(XX%)
Secured Lending
XX%
Loans backed by
assets like
property.
Property-
backed Loans
(XX%)
Vehicle/
Equipment-
backed Loans
(XX%)
Inventory-
backed
(XX%)
By Funding Source Funding Source Platform Type Interest Rate Type Loan Tenure
By Application Channel Application Channel Purpose of Loan Geographic Region End-user Industry
Source: Ken Research Analysis
Note 1: Exhibits are illustrative; detailed numbers appear in the full report.
Note 2: XX% denotes CAGR.
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02
Indonesia P2p Lending
Market Outlook

Indonesia P2p Lending Market Outlook
Indonesia P2p Lending Market Scenario
Indonesia’s P2P lending sector is expanding rapidly, driven by deepening smartphone penetration , widening financial
inclusion goals and supportive fintech regulations. Recent trends include the integration of AI-powered credit scoring,
open API partnerships with banks, and a shift toward sector-specific lending—particularly SMEs and agriculture. Key value
drivers over the next five years will be regulatory clarity from OJK, enhanced risk-management frameworks, and growing
retail investor participation. Tailwinds such as rising digital literacy, government stimulus for MSMEs and broader e-
commerce adoption will catalyze growth, while challenges like asset quality pressures and cybersecurity risks persist. By
2027, consolidation among platforms and cross-border collaboration will emerge as probable scenarios.
Exhibit 2.1
Illustrative Indonesia P2p Lending Market Overview
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
2025 2030
By Borrower Type Consumer Lending MSME Lending Corporate Lending
By Loan Type Unsecured Lending Secured Lending
Source: Ken Research Analysis
Note 1: The exhibit serves as an illustration, with numbers currently masked. The detailed statistics will be included in the final report
Note 2: All revenue and financial numbers are for current year and financial year, i.e., 2025 & 2030.
Note 3: XX% in the above exhibit denotes market size
CAGR: XX%
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03
Market Segmentation of
Indonesia P2p Lending
Market

Market Segmentation of Indonesia P2p Lending Market
Indonesia P2p Lending Market Segmentation
Indonesia P2P lending segmentation includes By Borrower Type, By Loan Type and By Funding Source. By Borrower Type, MSME
Lending (XX%) dominates, trailed by Consumer Lending (XX%); within Consumer Lending, Salaried Individuals (XX%) hold the
largest share, while Self-employed Professionals (XX%) exhibit fastest growth. Under By Loan Type, Unsecured Lending (XX%)
leads, and Receivables-based Financing (XX%) is emerging. By Funding Source, Platform Type-driven equity pools gain traction.
Growth opportunities persist in Agricultural/Commodity Financing via Crop Financing and Agro-processing Finance, supported by
�ntech collaborations. Recent developments encompass digital onboarding enhancements, regulatory sandbox expansions, and
strategic partnerships with banks to deepen reach.
Exhibit 3.1
Illustrative Market Segmentation of Indonesia P2p Lending Market
Agricultural/
Commodity
Financing
XX%
Corporate Lending
XX%
MSME Lending
XX%
Consumer Lending
XX%
Gig-Economy
Workers
(XX%)
Self-employed
Professionals
(XX%)
Salaried
Individuals
(XX%)
Secured Lending
XX%
Unsecured
Lending
XX%
Receivables-
based Financing
(XX%)
Salary Advance
(XX%)
Invoice Financing
(XX%)
Platform Type
XX%
Funding Source
XX%
Application
Channel
XX%
By Borrower
Type
Consumer
Lending
By Loan Type Unsecured
Lending
By Funding
Source
By Application
Channel
Key Takeaways:
Source: Ken Research Analysis
Note 1: This exhibit serves as a visual representation. The �nal chart will include additional segments along with detailed statistics
in the �nal report.
Note 2: All revenue and �nancial numbers are for the current year.
Note 3: "XX%" in the above exhibit denotes market shares.
MSME Lending dominates the market.
Consumer Lending is growing rapidly.
Unsecured Lending leads in loan types.
Platform Type-driven equity pools are gaining traction.
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04
Overview And Genesis Of
The Indonesia P2p
Lending Market

Overview And Genesis Of The Indonesia P2p Lending Market
Indonesia P2p Lending Market Ecosystem
By 2027 Indonesia’s P2P lending ecosystem features large platforms (e.g., Modalku) whose business model canvas pairs
banks and institutional investors as partners, cloud based credit scoring as core resources/activities, and value
propositions of fast, scalable SME financing via web/mobile channels, with revenue from origination fees and interest and
costs in tech and risk management. Medium players partner with cooperatives and fintech hubs, leverage agent networks
for KYC, target agribusiness micro-SMEs with tailored loans, and monetize interest spreads under lean cost structures.
Small innovators join local communities and incubators, rely on AI driven risk engines and digital onboarding to serve
microentrepreneurs via apps, generating transaction fees while keeping overhead minimal.
Exhibit 4.1
Illustrative Ecosystem of Indonesia P2p Lending Market
Entity type Revenue Streams Players
P2P Lending Platforms
(marketplace operators)
Investree
Modalku (Funding
Societies)
KoinWorks
Amartha
Retail & Institutional Lenders
(investors)
Retail investors
(individuals)
Institutional
investors (e.g. Bank
Mandiri, AXA
Indonesia,
Prudential)
VC/PE Funds
(Mandiri Capital,
Venturra)
Borrowers (MSMEs, micro-
enterprises, salaried
individuals)
Micro & small
enterprises (e.g.
GoFood/Grab
merchants)
Salaried woman
borrowers (Amartha
focus)
University students,
salaried
professionals
Payment Gateways & E-Wallets
OVO
GoPay
DOKU
Midtrans
Credit Bureaus & Data
Providers
Pefindo
BI Checking (SLIK)
CCRS (Credit Card
Reporting System)
CekAja
Technology & Platform
Vendors (SaaS providers)
Mambu
Finastra
Temenos
Orisis
PrivyID
Verihubs
Origination/processing fees are charged to borrowers.▶
Servicing or platform fees are charged to lenders.▶
Late-payment/penalty fees are applied.▶
Subscription or membership fees are collected.▶
Interest income is earned on loan portfolios.▶
Profit-sharing is available for Sharia compliant products.▶
Performance or incentive fees are charged.▶
Referral or placement commissions are earned.▶
Interest expense is incurred by borrowers.▶
Processing/origination fees are charged.▶
Prepayment fees or penalties may apply.▶
Transaction processing fees are charged.▶
Settlement/payout charges are applied.▶
Integration & API fees are collected.▶
Subscription/license fees are charged for data access.▶
Per-report or per-API-call charges are applied.▶
Credit-scoring model fees are collected.▶
SaaS/license fees are charged.▶
Implementation & customization charges are applied.▶
Hosting & maintenance fees are collected.▶
Per-check or per-transaction KYC fees are charged.▶
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Entity type Revenue Streams Players
Third-party KYC/AML &
Identity-Verification Providers
Onfido
JULO
Regulators & Industry
Associations
OJK (Otoritas Jasa
Keuangan)
AFPI (Asosiasi
Fintech Pendanaan
Bersama Indonesia)
Bank Indonesia
AML-screening charges are applied.▶
Identity-document verification fees are collected.▶
Licensing & registration fees are paid by platforms.▶
Compliance & supervision charges are applied.▶
Membership dues are collected.▶
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05
Competitive Landscape

Competitive Landscape (1/3)
Competitive Landscape Overview
Leading P2P lending players in Indonesia—KoinWorks, Modalku (Funding Societies), Investree, Amartha and Akseleran
—adopt tailored business model canvases to serve distinct segments. KoinWorks targets SMEs via a user-friendly
digital platform, monetizing interest spreads; Modalku/FS partners with banks to underwrite SME and institutional loans,
earning origination and service fees; Investree integrates invoice financing into supply chains, leveraging corporate
partnerships for risk mitigation; Amartha uses field agents to deliver micro-credit to rural women, charging fixed service
fees; Akseleran connects MSMEs with retail investors through risk-based pricing. All rely on proprietary credit-scoring
algorithms, mobile channels, key fintech and financial institution alliances, and incur costs in tech development and
credit risk management.
Exhibit 5.1
Illustrative Market Shares of Key Players in Indonesia P2p Lending Market
Note: These are illustrative representations and do not reflect actual data or real-world figures
Source: Ken Research Analysis
Note 1: The XX% in the exhibit represents the market share of each company.
Note 2: The exhibit serves as an illustration, with numbers currently masked.
Note 3: All revenue and �nancial numbers are for the current year.
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Competitive Landscape (2/3)
Exhibit 5.2
Illustrative Competition Matrix of Indonesia P2p Lending Market
Major Players in Indonesia P2p Lending Market
Figure represents cumulative market share for only the product segment.:
Note: These are illustrative representations and do not re�ect actual data or real-world �gures
Large Players Medium Players Small Players
Source: Ken Research Analysis
Note 1: The XX% in the exhibit shows the market share of each company, which represents the company's contribution to the total market.
Note 2: The exhibit serves as an illustration, with numbers currently masked.
Note 3: All revenue and �nancial numbers are for the current year.
Note 4: Enterprise size categories based on annual transaction volume in US$—Large > 100 Mn; Medium 20 Mn–100 Mn; Small < 20 Mn.
Indonesia P2p Lending Market: USD
XX Bn
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Competitive Landscape (3/3)
Exhibit 5.3
Illustrative Cross Comparison of Key Players in Indonesia P2p Lending Market
Company Headquarter
Loan
Disbursement
Volume
Operating
Revenue
Delinquency
Ratio
Net
Profit
Margin
Active
Borrowers
Base
Annualized
Investor
Yield
Average
Loan
Ticket
Size
Modalku
Jakarta,
Indonesia
High High Low Medium High Medium Medium
KoinWorks
Jakarta,
Indonesia
High High
Low–
Medium
Medium High Medium High
Investree
Jakarta,
Indonesia
Medium Medium Medium Low Medium Medium High
Akseleran
Jakarta,
Indonesia
Medium Medium
Medium–
High
Low Medium High Low
Amartha
Jakarta,
Indonesia
High Medium Low Medium High Medium Low
Danamas
Jakarta,
Indonesia
Low–Medium
Low–
Medium
High Low Medium High Low
Mekar
Jakarta,
Indonesia
Low Low Medium Low Low Medium Low
Uangteman
Jakarta,
Indonesia
Medium Medium Medium Low Medium High Low
Crowdo
Jakarta,
Indonesia
Low Low
Medium–
High
Low
Low–
Medium
Medium Medium
Julo
Jakarta,
Indonesia
Low Low Medium Low Low Medium Low
Source: Ken Research Analysis
Note 1: The XX% and XX values in the exhibit represent placeholder data and will be replaced with actual figures in the final report.
Note 2: All revenue and financial numbers are for the current year.
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06
Analyst Recommendation

Analyst Recommendation
Exhibit 6.1
Target Addressable Indonesia P2p Lending Market Outlook To 2027
Source: Ken Research Analysis
Note 1: The exhibit serves as an illustration, with numbers currently masked. The detailed statistics will be included in the final report.
Note 2: All revenue and financial numbers are for the current year.
TAM/SAM & SOM Analysis
TAM = USD XX Bn (Forecast total Indonesian
digital credit demand for consumer and SME
segments by 2027.)
SAM = USD XX Bn (Isolate P2P-
addressable portion within digital credit
by excluding bank and traditional
microfinance channels.)
SOM = USD XX Bn (Estimate P2P
platforms’ share by assessing
competitive penetration, adoption
rates and regulatory constraints by
2027.)
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07
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Research Methodology
1. Desk Research
Sources
Utilized industry reports,
government publications,
and financial databases to
gather data on the
Indonesia P2P Lending
Market, including market
trends, regulatory
environment, and
competitive landscape.
2. Expert Interviews
Conducted interviews with
industry experts, including
P2P lending platform
executives and financial
analysts, to gain insights
into market dynamics,
challenges, and growth
opportunities.
3. Sanity Check
Models
Applied a proxy model using
the number of users,
frequency of loans, and
average loan size to
estimate the addressable
market. Cross-verified with
supply-side data on the
number of platforms and
their average revenue.
4. Forecasting
Modeling
Developed a future forecast
model using historical
growth rates, economic
indicators, and expert
insights to project the
market size and growth
trajectory over the next five
years.
SAMPLE SIZE BY STAKEHOLDERS
By Stakeholders Number of Respondents
C Level Executive ~ Respondents
Operational/Regional Managers ~ Respondents
Business Development / Sales Manager ~ Respondents
Others -Key opinion leaders from Associations, Warehouses, and Manufacturing firms.
SAMPLE SIZE BY RESPONDENT CATEGORY IN PERCENTAGE (% )
C Level Executive - XX%
Operational/Regional
Managers - XX%
Business Development /
Sales Manager - XX%
Others - XX%
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