Fintech Lending Consolidation: Three Major Exits in 2025

Industry Consolidation Continues

The Indonesian fintech lending industry witnessed significant consolidation in 2025 with three major players - Maucash, Ringan, and Crowde - exiting the market. This brings the total number of licensed P2P lending operators down to 94 from 97 at the start of the year.

Maucash's Strategic Exit

PT Astra Welab Digital Arta, operating as Maucash, announced it would cease operations following approval from the Financial Services Authority (OJK) to return its business license. The decision was part of Astra Group's strategic business realignment in the unsecured lending segment. Maucash's Director of Marketing, Indra Suryawan, stated that the exit was part of a strategic review and evaluation process that aligned with the group's business dynamics and challenges.

Regulatory Actions on Other Platforms

The OJK took regulatory action against two other fintech lending platforms:

1. PT Ringan Teknologi Indonesia (Ringan): OJK revoked their license on April 24, 2025, through announcement NOMOR PENG-22/PL.02/2025. The company voluntarily returned its license after internal evaluation showed continuing losses.
2. PT Crowde Membangun Bangsa (Crowde): License revoked on November 6, 2025, due to failure to meet minimum equity requirements and other regulatory aspects. The OJK stated that Crowde was under special supervision and couldn't be salvaged.

Market Implications

These exits reflect the ongoing consolidation in Indonesia's fintech lending sector as regulators tighten oversight and companies adjust their business strategies. The remaining 94 licensed operators will likely face continued scrutiny and pressure to comply with regulatory requirements while demonstrating financial sustainability.