Header photo source: Ringkas.
Depending on where you’re reading this from, a home priced at USD 30,000 might seem modest—or even inexpensive. But in Indonesia, where the average household earns just about IDR 5 million (USD 305) per month, that same figure can represent a steep financial hurdle. For many families, especially in urban centers like Jakarta, Surabaya, and Bandung, the dream of homeownership is often blocked not by a lack of housing stock, but by financing systems that are fragmented, opaque, and difficult to navigate.
Ringkas, a mortgage tech startup, aims to change that. The company has raised USD 5.1 million in a pre-Series A funding round, with participating investors including Flourish Ventures and Kadan Capital, alongside other strategic and existing backers.
The fresh capital will be used to enhance its artificial intelligence-powered financing tools and accelerate its expansion in Southeast Asia, beginning with a more aggressive rollout in Indonesia, where the housing affordability gap is especially pronounced.
Since its founding in 2022, Ringkas has reportedly partnered with 29 banks across 700 branches and collaborated with over 150 property developers. Based in Singapore, the company currently serves users in 47 cities, offering digital tools that give access to preapproved mortgage offers, refinancing options, and real-time financial advice. These services are delivered directly through the platforms that buyers already use to search for homes.
“Our mission is to build a seamless, AI-driven financial infrastructure platform that embeds into the everyday digital lives of Southeast Asians,” said Ilya Kravtsov, co-founder of Ringkas. “This investment helps us move faster in making mortgage finance more accessible while beginning to lay the groundwork for future AI capabilities and broader financial inclusion.”
The funding comes as the Indonesian government steps up efforts to address the country’s housing shortage. President Prabowo Subianto has pledged to build three million affordable homes annually. While the measure aims to boost supply, a critical challenge remains on the demand side: ensuring that working-class families can actually afford to buy.
Investor interest in the space appears to be growing. MilikiRumah, an Indonesian firm, recently launched a USD 50 million rent-to-own housing fund, targeting a first close of USD 10 million. The fund targets underbanked families and aims to provide a pathway to freehold homeownership.
At the regional level, fintech heavyweight Funding Societies (known as Modalku in Indonesia) has also continued to secure investment to expand its financial services—most recently through an equity infusion from Gobi Partners in March.
Beyond Indonesia, the housing affordability challenge spans the region. In the Philippines, prop tech firm Lhoopa raised USD 80 million in 2024 to scale its home financing operations.
Each of these deals reflects a broader recognition that access, not just supply, is at the core of the housing issue across emerging markets. They underscore growing institutional appetite for infrastructure plays that can bridge financing gaps at scale.
“The fact that they have top property developers and leading banks on their platform is a testament to their strong execution in Indonesia,” said Ravi Kaushik, executive director at Flourish Ventures. “Combined with a thoughtful approach to regional expansion and future AI integration, [this] positions them well to build a meaningful and scalable financial solution for Southeast Asia.”