Fintech lending platforms are expanding rapidly by acquiring multifinance companies, with a clear focus on developing Buy Now, Pay Later (BNPL) services. Recently, PT Amartha Mikro Fintek (Amartha), part of PT Amartha Nusantara Raya, announced its plan to acquire PT Bosowa Multi Finance. This follows similar moves by Akulaku Group and Modalku Group, who have already acquired companies like Akulaku Finance and Modalku Finansial Indonesia.

Nailul Huda, an expert and Director of the Digital Economy Center at the Center for Economic and Law Studies (Celios), believes these acquisitions aim to enhance BNPL services. While fintech lending and multifinance share similarities, they differ in the products offered. Fintech lending focuses on cash loans, while multifinance typically involves goods. The goal is to target productive segments that can use BNPL to buy goods.

The BNPL market has grown rapidly. Data from Indonesia's Financial Services Authority (OJK) revealed that BNPL receivables reached IDR 8.24 trillion by September 2024. This marks a 103.40% increase compared to the same period last year and an 89.20% increase compared to August 2024.

Experts expect more fintech platforms to acquire multifinance companies as BNPL services continue to grow. This trend could lead to more acquisitions by both digital and traditional firms seeking to expand their market reach.

These acquisitions allow fintech companies to offer a broader range of financial products. By combining fintech lending with multifinance, they can meet the growing demand for flexible financial solutions. This could open up new opportunities in the digital finance sector.

Despite rapid growth, the BNPL industry remains stable. The Non-Performing Financing (NPF) ratio for BNPL stood at 2.6% as of September 2024, a slight increase from the previous month but still within manageable levels.

Amartha’s acquisition of Bosowa Multi Finance may signal the start of a new phase for Indonesia’s fintech and multifinance sectors. As the BNPL market continues to evolve, fintech companies are positioning themselves to capitalize on the increasing demand for flexible financing.

KONTAN