Financial management to improve competitiveness in Indonesian fintech peer-to-peer lending companies
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Abstract
The rapid growth of Indonesia’s fintech industry, especially in peer-to-peer (P2P) lending, presents both opportunities and financial risks. This study aims to examine and compare the financial management strategies of two major Indonesian fintech companies—Easycash and Findaya—by analyzing their profitability, liquidity, solvency, and operational efficiency. Using a descriptive comparative design and secondary data from audited financial reports covering the period from 2019 to 2023, the study calculates key financial ratios, including ROA, ROE, Current Ratio, DER, and Efficiency Ratio. Results show that Easycash adopted a high-leverage growth model, experiencing a significant decline in profitability (ROA: 58.7% to 2.6%) and an increase in financial risk (DER reached 2.20). In contrast, Findaya followed a conservative financial strategy, improving performance with increased ROA (-53.8% to 16.0%), higher liquidity (CR: 4.15), and lower debt (DER: 0.32). These contrasting approaches provide insight into risk tolerance, strategy execution, and resilience. The study contributes by offering firm-level evidence on how financial management impacts competitiveness in Indonesia’s fintech sector and serves as a model for evaluating financial strategies in similar emerging markets.
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How to Cite
Dachlan, R. S., Wahyuti, S. ., Yulidar Abbas, M. A. and Rohmah, S. . (2025) “Financial management to improve competitiveness in Indonesian fintech peer-to-peer lending companies”, Jurnal Mantik, 9(2), pp. 734-746. doi: 10.35335/mantik.v8i6.6459.
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Bodie, Z., Kane, A., & Marcus, A. J. (2018). Investments (11th ed.). McGraw-Hill Education, New York.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management. (15e ed.). Cengage Learning, Boston, USA.
Bueno, L. A., Sigahi, T. F. A. C., Rampasso, I. S., Leal Filho, W., & Anholon, R. (2024). Impacts of digitization on operational efficiency in the banking sector: Thematic analysis and research agenda proposal. International Journal of Information Management Data Insights, 4(1), 100230. https://doi.org/10.1016/j.jjimei.2024.100230
Carbó-Valverde, S., Cuadros-Solas, P. J., & Rodríguez-Fernández, F. (2022). Entrepreneurial, institutional and financial strategies for FinTech profitability. In Financial Innovation (Vol. 8, Issue 1). Springer Berlin Heidelberg. https://doi.org/10.1186/s40854-021-00325-2
Chatterjee, S., Chaudhuri, R., & Vrontis, D. (2024). Does data-driven culture impact innovation and performance of a firm? An empirical examination. Annals of Operations Research, 333(2–3), 601–626. https://doi.org/10.1007/s10479-020-03887-z
Chen, D., Deakin, S., Johnston, A., & Wang, B. (2021). Too Much Technology and Too Little Regulation? The Spectacular Demise of P2P Lending in China. Accounting, Economics, and Law: A Convivium. https://doi.org/10.1515/ael-2021-0056
Chen, Y. R., Leu, J. S., Huang, S. A., Wang, J. T., & Takada, J. I. (2021). Predicting Default Risk on Peer-to-Peer Lending Imbalanced Datasets. IEEE Access, 9, 73103–73109. https://doi.org/10.1109/ACCESS.2021.3079701
Cont, R., Kotlicki, A., & Valderrama, L. (2020). Liquidity at risk: Joint stress testing of solvency and liquidity. Journal of Banking and Finance, 118, 105871. https://doi.org/10.1016/j.jbankfin.2020.105871
Dachlan, R. S. (2022). Financial Distress Analysis Of Hotel Companies Listed On The Indonesia Stock Exchange During The Covid-19 Pandemic. Mantik, 6(2), 1829–1836. https://doi.org/https://doi.org/10.35335/mantik.v6i2.2646
Dospinescu, O., Dospinescu, N., & Agheorghiesei, D.-T. (2021). FinTech Services and Factors Determining the Expected Benefits of Users: Evidence in Romania for Millennials and Generation Z. E+M Ekonomie a Management, 24(2), 101–118. https://doi.org/10.15240/tul/001/2021-2-007
Dzuba, S., & Krylov, D. (2021). Cluster analysis of financial strategies of companies. Mathematics, 9(24). https://doi.org/10.3390/math9243192
Farida, I., & Setiawan, D. (2022). Business Strategies and Competitive Advantage: The Role of Performance and Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), 163. https://doi.org/10.3390/joitmc8030163
Fernández-Portillo, A., Almodóvar-González, M., Sánchez-Escobedo, M. C., & Coca-Pérez, J. L. (2022). The role of innovation in the relationship between digitalisation and economic and financial performance. A company-level research. European Research on Management and Business Economics, 28(3). https://doi.org/10.1016/j.iedeen.2021.100190
Giudici, P., Hadji-Misheva, B., & Spelta, A. (2020). Network based credit risk models. Quality Engineering, 32(2), 199–211. https://doi.org/10.1080/08982112.2019.1655159
Gupta, U., Agarwal, B., & Nautiyal, N. (2022). Financial Technology Adoption — A Case of Indian MSMEs. Finance: Theory and Practice, 26(6), 192–211. https://doi.org/10.26794/2587-5671-2022-26-6-192-211
Hommel, K., & Bican, P. M. (2020). Digital entrepreneurship in finance: fintechs and funding decision criteria. Sustainability (Switzerland), 12(19), 1–18. https://doi.org/10.3390/su12198035
Hutauruk, M. R. (2024). The effect of R&D expenditures on firm value with firm size moderation in an Indonesia palm oil company. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2317448
Karim, R. Al, Sobhani, F. A., Rabiul, M. K., Lepee, N. J., Kabir, M. R., & Chowdhury, M. A. M. (2022). Linking Fintech Payment Services and Customer Loyalty Intention in the Hospitality Industry: The Mediating Role of Customer Experience and Attitude. Sustainability (Switzerland), 14(24). https://doi.org/10.3390/su142416481
Kohardinata, C., Soewarno, N., & Tjahjadi, B. (2020). Indonesian peer to peer lending (P2P) at entrant’s disruptive trajectory. Business: Theory and Practice, 21(1), 104–114. https://doi.org/10.3846/btp.2020.11171
Krinichansky, K. V., & Zeleneva, E. S. (2024). Fintech Sector in the Context of Financial Development and Problems of its Measurement. Finance: Theory and Practice, 28(5), 121–132. https://doi.org/10.26794/2587-5671-2024-28-5-121-132
Liu, H., Yang, B., Xiong, X., Zhu, S., Chen, B., Tolba, A., & Zhang, X. (2023). A Financial Management Platform Based on the Integration of Blockchain and Supply Chain. Sensors, 23(3), 1497. https://doi.org/10.3390/s23031497
Lu, J., Rodenburg, K., Foti, L., & Pegoraro, A. (2022). Are firms with better sustainability performance more resilient during crises? Business Strategy and the Environment, 31(7), 3354–3370. https://doi.org/10.1002/bse.3088
Mafimisebi, O. P., Ogunsade, A., Ogunmokun, O., & Olajide, A. (2024). Fintech. In Reference Module in Social Sciences. Elsevier. https://doi.org/10.1016/B978-0-443-13701-3.00336-4
Mazur, N., Khrystenko, L., Pásztorová, J., Zos-kior, M., Hnatenko, I., Puzyrova, P., & Rubezhanska, V. (2021). Improvement of Controlling in the Financial Management of Enterprises. 10(4), 1605–1609. https://doi.org/10.18421/TEM104
Nabila, F. S., Fakhri, M., Pradana, M., Kartawinata, B. R., & Silvianita, A. (2023). Measuring financial satisfaction of Indonesian young adults: a SEM-PLS analysis. Journal of Innovation and Entrepreneurship, 12(1). https://doi.org/10.1186/s13731-023-00281-4
Najib, M., Ermawati, W. J., Fahma, F., Endri, E., & Suhartanto, D. (2021). Fintech in the small food business and its relation with open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 88. https://doi.org/10.3390/joitmc7010088
Nguyen, D. D., Dinh, H. C., & Van Nguyen, D. (2020). Promotion of fintech application for the modernization of banking-finance system in Vietnam. Journal of Asian Finance, Economics and Business, 7(6), 127–131. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.127
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech Adoption Drivers for Innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 208. https://doi.org/10.3390/joitmc8040208
OJK. (2024). Penyelenggara Fintech Lending Berizin di OJK per 29 Oktober 2024. https://ojk.go.id/id/kanal/iknb/financial-technology/Pages/Penyelenggara-Fintech-Lending-Berizin-di-OJK-per-29-Oktober-2024.aspx
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Peón, D., Antelo, M., & Sun, Y. (2024). Market competition and strategic interaction in the Spanish FinTech industry. Research in International Business and Finance, 70(April), 0–3. https://doi.org/10.1016/j.ribaf.2024.102365
Pu, R., Teresiene, D., Pieczulis, I., Kong, J., & Yue, X.-G. (2021). The Interaction between Banking Sector and Financial Technology Companies: Qualitative Assessment—A Case of Lithuania. Risks, 9(1), 21. https://doi.org/10.3390/risks9010021
Rahi, A. F., Akter, R., & Johansson, J. (2022). Do sustainability practices influence financial performance? Evidence from the Nordic financial industry. Accounting Research Journal, 35(2), 292–314. https://doi.org/10.1108/ARJ-12-2020-0373
Razia, B., & Awwad, B. (2023). Review of Financial Technology Applications and Their Related Aspects. Studies in Systems, Decision and Control, 470(August), 893–902. https://doi.org/10.1007/978-3-031-28314-7_76
Rosa, N. La. (2020). Analysing Financial Performance. In Routledge of the Taylor & Francis Group. Routledge of the Taylor & Francis Group. https://doi.org/10.4324/9781003092575
Šmejkal, A., Novotná, M., & Volek, T. (2022). Company Investments in the Context of Financial Strategies. Argumenta Oeconomica, 2022(1), 163–185. https://doi.org/10.15611/aoe.2022.1.07
Sugiharto, B., Simanungkalit, R. V, & Siregar, I. (2024). Digital Economy and Finance Integration in Contemporary Indonesia. Mantik, 8(2), 1188–1192. https://iocscience.org/ejournal/index.php/mantik/article/view/4904
Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782
Susanti, E., Mulyanti, R. Y., & Wati, L. N. (2023). MSMEs performance and competitive advantage: Evidence from women’s MSMEs in Indonesia. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2239423
Svatošová, V. (2021). Importance of Financial Strategy in E-commerce. Ekonomicky Casopis, 69(3), 278–305. https://doi.org/10.31577/ekoncas.2021.03.04
Taleizadeh, A. A., Safaei, A. Z., Bhattacharya, A., & Amjadian, A. (2022). Online peer-to-peer lending platform and supply chain finance decisions and strategies. Annals of Operations Research, 315(1), 397–427. https://doi.org/10.1007/s10479-022-04648-w
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