JAKARTA (TheInsiderStories) - Grab Indonesia led the Series B Round worth of US$100 million for LinkAja, the financial technology (FinTech) apps owned by the state-owned enterprises (SOEs). Theses funding was also carried out by local firm, PT Telekomunikasi Selular (Telkomsel), PT BRI Ventura Investama, and PT Mandiri Capital Indonesia.
Haryati Lawidjaja, president director of LinkAja, commented, “This Series B investment is a form of trust in the business model and the initial achievements that LinkAja has achieved in one year since was founded.”
She said in an official statement released today (11/10), the company will use the funding for growth to become a national FinTech leader that focuses primarily on middle-class especially micro, small, and medium enterprises in Indonesia. The strategic investment from Grab included various synergies and broad potential collaboration for the two parties, she adds.
Neneng Goenadi, managing director of Grab Indonesia, stated, “The strategic collaboration between LinkAja and our digital ecosystem, which includes OVO and Tokopedia, allows us to provide a variety of cashless services for all levels of Indonesian society safely, comfortably and easily accessible.”
In the fundraising, Credit Suisse acted as exclusive fund placement agencies for LinkAja. Starting its operational business on June 30, 2019, the e-wallet and merchant services businesses is the flagship product of PT Fintek Karya Nusantara (Finarya), a subsidiary of Telkomsel and nine SOEs such as PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Negara Indonesia Tbk (IDX: BBNI), and PT Bank Mandiri Tbk (IDX: BMRI).
Since then, LinkAja has continued innovated an electronic payment services to users and partners. The provider currently has more than 58 million registered users, with more than 80 percent of its users coming from tier 2 and 3 cities in Indonesia. In the third quarter of 2020, the FinTech firm was able to increase the gross transaction value by three times compared to the same period in the previous year.
US$1: Rp14,000
Written by Editorial Staff, Email: theinsiderstories@gmail.com
