Investree

Investree was an Indonesian peer-to-peer lending platform founded in 2015 that facilitated loans for small and medium enterprises.⁸¹⁵¹⁸ In October 2024, Indonesia's Financial Services Authority (OJK) revoked Investree's business license due to regulatory violations and fraud allegations against its co-founder and CEO Adrian Gunadi.^4141618 Adrian Gunadi was repatriated from Qatar in September 2025 and detained on charges of illegally raising at least Rp 2.7 trillion from the public.¹⁴¹⁵

Timeline

Money raised

Investree raised a total of $280 million, according to Caproasia.¹³ In April 2020, Investree raised a $24 million Series C round co-led by BRI Ventures and MUFG Innovation Partners.⁸¹³ In October 2023, Investree raised a $231 million Series D round led by JTA International Investment Holding, with participation from SBI Holdings.^8101213 Investree's valuation was reported to be around $1 billion to $1.4 billion in February 2024.¹³ Investree's Singapore-registered parent company had raised US$31.7 million from investors as of January 2024, according to DealStreetAsia.¹⁷ Investree facilitated around IDR 14 trillion (USD 900 million) in loans by late 2023.¹⁸ Investree's 2021 financial report showed a comprehensive loss of Rp 27.8 billion.¹⁴

Investors named in the sources: JTA International Investment Holding^8101213, SBI Holdings⁸¹³, BRI Ventures⁸¹³, MUFG Innovation Partners⁸¹³, 9F Fintech Holdings Group⁸, Mandiri Capital Indonesia⁸, Persada Capital⁸, Endeavor Catalyst⁸, Kejora Ventures⁸.

What happened

Investree was founded in 2015 in Jakarta, Indonesia.⁸¹⁵¹⁸ It was a peer-to-peer lending marketplace for small and medium enterprises.⁸ Investree began operations in May 2016 and was officially registered with OJK in May 2017.¹⁴ The company was licensed by Indonesia's OJK for conventional and Shariah-compliant financing.⁸ Investree initially offered invoice-based financing for small and medium businesses.¹⁵

It expanded operations to Thailand and the Philippines in 2021.⁸¹⁵ In the Philippines, Investree partnered with Filinvest Development Corporation to launch Investree PH, the country's first crowdfunding platform.¹⁶ Investree PH received a permanent licence from the SEC in 2020.⁶ Investree PH supported over 180 businesses and funded more than 800 applications.⁶ In April 2020, Investree raised a $24 million Series C round co-led by BRI Ventures and MUFG Innovation Partners.⁸¹³

In October 2023, Investree raised a $231 million Series D round led by JTA International Investment Holding.^8101213 The Series D round was intended to support international growth and a joint venture in Qatar.⁸¹⁰¹² Investree and JTA launched JTA Investree Doha Consultancy in Qatar as a joint venture.⁸ By late 2023, Investree had facilitated around IDR 14 trillion (USD 900 million) in loans.¹⁸ Investree's 2021 financial report showed a comprehensive loss of Rp 27.8 billion.¹⁴

In August 2022, Investree acquired an 18.4% stake in Amar Bank.¹⁴¹⁷ Investree faced rising bad loans, with its TKB90 rate consistently below the industry average.⁶¹⁷ The company attributed the bad loans to the COVID-19 pandemic and challenges in its credit scoring system.¹⁷ In January 2024, co-founder and CEO Adrian Gunadi resigned amid allegations of misconduct.¹³¹⁷ Gunadi admitted to diverting funds from Investree to his personal account and using his position to make the lending firm a guarantor for a personal company.¹³¹⁷

Salman Baharuddin, the company's Chief of Sales, was appointed as CEO.¹³ Investree struggled with tight liquidity despite the announced Series D funding, as disbursement was delayed.¹⁷ Investree's non-performing loan (NPL) ratio spiked to 16%, far above the maximum allowed by regulators.¹⁸ OJK imposed a ban on Adrian Gunadi from holding key positions in the financial sector, froze his accounts, and initiated asset tracing.¹⁶ Adrian Gunadi was named a suspect for illegal fundraising activities without a license under Article 46 of the Indonesian Banking Law.¹⁶

Gunadi fled Indonesia and was placed on Interpol's red notice list.¹⁴¹⁶ He was reported to be working as CEO of JTA Investree Doha Consultancy in Qatar.¹⁴¹⁶ On September 26, 2025, Gunadi was repatriated from Qatar and detained at Soekarno-Hatta International Airport.¹⁴¹⁵ The funds were allegedly channeled through two special purpose vehicles, PT Radhika Persada Utama and PT Putra Radhika Investama, while using Investree's name.¹⁴¹⁵ Gunadi faces multiple charges under the Banking Law and the 2023 Law on the Development and Strengthening of the Financial Sector, carrying penalties of five to 10 years in prison.¹⁴

The liquidation team closed the filing of claims on June 8, 2025, recording 1,669 claims from lenders.¹⁴ Major corporate creditors included Global Digital Niaga (Blibli's parent company) and Amar Bank.¹⁴ The decision to dissolve the company was made at a shareholders' meeting on March 14, 2025, and formalized on March 27, 2025.¹⁴ Investree Philippines, a joint venture with Filinvest, was wound down in 2024 after its partner failed to provide further capital.¹³⁶ Filinvest absorbed over P100 million in losses in 2023 from Investree Philippines.¹

Investree PH applied for shortening of its corporate term up to September 30, 2025.⁶ Investree PH assured it would continue to facilitate the payment of notes according to agreements.¹⁶ The winding down of Investree PH had no material effect on FDC's consolidated earnings forecast for 2024.¹⁶ The case reflected OJK's effort to restore integrity and public confidence in Indonesia's fintech sector.¹⁶ Investree's failure contributed to a decline in investor trust in Indonesian startups.⁵

The owner of Investree became an Interpol fugitive, according to Tempo.⁵

Legal outcomes

• chargedAdrian Gunadi was named a suspect for illegal fundraising activities without a license under Article 46 of the Indonesian Banking Law.¹⁶
• pendingGunadi was placed on Interpol's red notice list after fleeing Indonesia.¹⁴¹⁶
• pendingGunadi was repatriated from Qatar and detained on September 26, 2025.¹⁴¹⁵
• chargedGunadi faces charges of illegally raising at least Rp 2.7 trillion from the public between January 2022 and March 2024.¹⁴¹⁵
• chargedGunadi faces multiple charges under the Banking Law and the 2023 Law on the Development and Strengthening of the Financial Sector, carrying penalties of five to 10 years in prison.¹⁴
• pendingOJK imposed a ban on Gunadi from holding key positions in the financial sector, froze his accounts, and initiated asset tracing.¹⁶

Where the founders are now

Adrian Gunadi was repatriated from Qatar and detained in Indonesia on September 26, 2025.¹⁴¹⁵ He faces charges of illegally raising at least Rp 2.7 trillion from the public.¹⁴¹⁵ Gunadi was reported to have assumed a senior role at JTA Investree Doha Consultancy in Qatar before his repatriation.¹⁴

Lessons, as others put them

"Investree’s collapse illustrates the dangers of inadequate Fintech Risk Management in Southeast Asia. Companies that do not prioritize compliance, governance, and risk assessment are setting themselves up for failure."Continuum¹⁸

Sources

1. Gotianuns shut down Investree Philippines after partner fails to provide capital, insiderph.com, May 24, 20
3. Filinvest winds down venture platform for MSMEs, business.inquirer.net, May 25, 20
4. The Rise and Fall of Investree, app.dealroom.co
5. Startup Business Fraud, Tempo, 2025-05-11
6. Philippines' First Crowdfunding Platform, Investree PH, to Cease Operations by 2025 - Fintech News Philippines, Fintech News Philippines, 2024-05-27
8. Investree Funding, Investors & Competitors | Multiples, multiples.vc, 6 days ago
10. Indonesian Fintech Startup Investree Raises $231 Million ..., forbes.com, Oct 5, 202
12. Investree to launch Qatar lendtech hub following $231m ..., fintechfutures.com
13. Indonesia Peer-to-Peer Lending Platform Investree Co-founder & CEO Adrian A Gunadi Resigns & Admitted Wrongdoings to Board Including Transferring Funds to Personal Account, Raised Total Funds of $280 Million with $1 Billion to $1.4 Billion Valuation, Investree Chief of Sales Salman Baharuddin Appointed as CEO | Caproasia, Caproasia | Driving $28 trillion assets in Asia | The leading financial media platform in Asia covering capital markets, investments & private wealth, 2024-02-02
14. From Fintech Star to Fugitive: The Fall of Investree’s Adrian Gunadi, Jakarta Globe, Sep 26, 20
15. Authorities detain ex-Investree CEO over $165m fraud probe - Tech - The Jakarta Post, The Jakarta Post, 2025-09-29
16. OJK Pushes for Extradition of Former Investree CEO Adrian Gunadi amid Financial Crime Case, InvestorTrust, 2025-07-26
17. Adrian Gunadi Steps Down as Investree CEO Amid Misconduct Claims - Fintech Singapore, Fintech Singapore, 2024-01-30
18. Fintech Risk Management in Southeast Asia – Continuum, Continuum, 2025-04-01

How this case file was put together

Every statement on this page carries a numbered note, and every note points to a court record, a regulatory filing or a named publication in the list of sources. Each statement was checked against the text of the sources it cites before it was published: a figure, a date or a name the cited source does not contain was cut rather than kept. Allegations are shown as allegations, with their status at the time of the source (filed, charged, convicted, pleaded, settled, dismissed or pending). Quoted lessons are the words of the person or publication named with them, copied from the cited source; nothing here is our own opinion of why the company failed.

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