P2P lender, Investree, has raised the first tranche of its new series C funding round worth of US$23.5 million to fuel its business expansion to Southeast Asia. The round co-led by MUIP, the venture arm of Japan’ Mitsubishi UFJ Financial Group, Inc., and BRI Ventures, unit of state-owned lender Bank Rakyat Indonesia (BBRI).

Other investors involved in the series C funding are Japan’ SBI Holdings and China’ 9F Group, whom also joined the series B funding round. It said, the series C round will remain open and the company will provide further updates in due course. The series C funding will strengthen their commitment to support Indonesia’ SMEs through financial assistance, especially those who are affected by COVID-19.