Jakarta, Indonesia – August 2025 — Bang Jamin, a fast-growing insurtech platform from Indonesia, has closed its US$4 million Pre-Series A funding round. The round was led by Braxton Capital and SBI Ven Capital (through its joint fund with Kyobo Securities from South Korea and NTUitive from Singapore). This round also witnessed participation from BNI Ventures and BRI Ventures. This support comes at a time when the insurtech sector in Indonesia is gaining momentum, driven by digital adoption, regulatory tailwinds, and the growing need to embed insurance seamlessly into existing consumer journeys, from auto financing and e-commerce to everyday financial services.
Launched in 2023, Bang Jamin tackles some of the biggest pain points in Indonesia’s insurance sector: slow and costly integrations with insurers, complex claims processing, and platforms that prioritize the underwriter over the customer. Bang Jamin aims to modernize Indonesia’s insurance brokerage landscape by digitizing policy distribution and embedding insurance into existing ecosystems. Its platform is designed to help partners—from financial institutions and dealerships to digital platforms—offer insurance products more seamlessly, while streamlining underwriting and claims processes.
Bang Jamin’s traction is already notable, with over 60 million policies issued since launch, partnerships with more than 30 insurers, and a growing nationwide B2B customers.
The founding team brings heavyweight credentials from the top of Indonesia’s insurance industry. CEO Indra Baruna has led three of the country’s top general insurers, including Astra’s Garda Oto, Pertamina’s Tugu Insurance, and Adira Insurance. COO Maruly Sinaga is the former CEO of both Aon and Willis Reinsurance Indonesia.
They’re tackling a US$36 billion insurance market that’s growing in double digits annually—driven by motor vehicle, credit, and property coverage—yet remains one of the least penetrated in Asia. Life expectancy is low, road fatalities are high, natural disaster risk is elevated, and non-performing loan rates are significant. More than half of premiums still come from Jakarta, leaving vast Tier 2 and Tier 3 markets underserved.
“Insurance should be simple, fast, and built for the way people live today. This funding helps us expand our technology and reach, making protection accessible to millions more Indonesians.” said Indra Baruna, founder and chief executive of Bang Jamin, in a statement.
“We’re excited to support Bang Jamin as they work to modernize Indonesia’s insurance market, introducing much-needed innovation and digital transformation to a sector primed for growth,” said Eiichiro So, CEO of SBI Ven Capital. “We were particularly impressed by their tech-enabled platform, which digitizes the entire insurance value chain and how that brings greater efficiency and transparency to all stakeholders.”
“Bang Jamin is tackling Indonesia’s insurance protection gap with remarkable focus, making them a perfect fit for Braxton’s insurance expertise. As one of Indonesia’s fastest-growing insurance platforms, they bring innovative distribution, compelling products, and unmatched customer engagement on a cutting-edge platform that sets them apart. Braxton is thrilled to back this dynamic team and support their journey to bring better coverage to millions of Indonesians.” said Douglas Hudson, Managing Partner at Braxton Capital Ventures.
With fresh capital, Bang Jamin plans to deepen its tech stack, expand product lines, and accelerate penetration into underserved regions through the B2B Partnerships —continuing its mission to be a “trusted older brother” (Bang) who “protects” (Jamin) the financial well-being of Indonesians.
About Bang Jamin
Bang Jamin is a digital insurance platform delivering seamless end-to-end experiences—from purchasing coverage to managing claims—through a single, integrated solution. Founded by industry veterans with over three decades of expertise and backed by leading fintech investors, Bang Jamin is dedicated to making financial protection simple, accessible, and reliable for every Indonesian.
