The paperwork is dated 21 October 2024. On that day Indonesia's financial regulator, OJK, revoked the business licence of PT Investree Radhika Jaya, once one of the best-funded peer-to-peer lenders in the country. The stated reason was dry: the company had not met the Rp7.5 billion minimum equity requirement.
It is a strange ending for a company that started with a promise of the opposite. In January 2017, Investree told the market it had disbursed Rp53.7 billion in loans with a 0 percent default rate. A few months later, on 31 May 2017, it was registered with OJK. Tech in Asia named it a favourite startup in 2016, and in 2017 it won an award for best P2P lending for SMEs.
It ran a fit-and-proper reassessment of Gunadi, who failed, froze his bank accounts and began tracing assets.
The founding team was Adrian Gunadi, Dr. Amiruddin and KC Lim, with early executives Andi Muhamad Andries on risk and operations and Dickie Widjaja as chief information officer. Public records say little about their childhoods or schools. What is documented is that they came from established national and international financial institutions, and that Gunadi became the face of the company. Investor magazine named him a Tokoh Finansial Indonesia in 2018.
The money followed the story. Kejora led the early backing in 2016. In July 2018 a Series B led by SBI Holdings brought in six investors, among them Mandiri Capital Indonesia, Persada Capital, Endeavor Catalyst and 9F Fintech. Investree signed banks such as Danamon, Woori Saudara, Amar Bank and Bank Sumut as funding partners, and launched a sharia unit with a recommendation from the national sharia council.
What the public record shows next is a sequence of official steps. OJK revoked the licence in October 2024. It ran a fit-and-proper reassessment of Gunadi, who failed, froze his bank accounts and began tracing assets. He was named a suspect for unlicensed fundraising under Article 46 of the Banking Law. A Red Notice request was filed in February 2025. Gunadi was later reported as CEO of a Qatar joint venture and then as repatriated to Indonesia and held by the police pending proceedings. Legal outcomes have not been reported here, and none are assumed.
In March 2025 the shareholders dissolved the company by notarial deed, and OJK approved a three-person liquidation team.
For a founder the lesson is narrow and practical. A licence is not a badge you win once. It is a standing condition, tied to capital you must keep in the bank, and it can be withdrawn on a single date.