JAKARTA (TheInsiderStories) – PT Fintek Karya Nusantara (Finarya), the manager of LinkAja, to raises Series C funding with an estimated amount of US$60 million, said the deputy minister of state own enterprises, Kartika Wirjoatmodjo, in this week. He said, the fundraising will be announced in the near future and will follows with other series.
His ministry also plans to bring the digital wallet company, to list its shares on the Indonesia Stock Exchange in the next one to 1.5 years. LinkAja was established on Jan. 21, 2019 and managed T-Cash, a financial product made by cellular operator, PT Telekomunikasi Selular (Telkomsel).
In this month, LinkAja has closed Series B funding worth of $100 million led by digital firm, Grab Indonesia together with Telkomsel, PT BRI Ventura Investama, and PT Mandiri Capital Indonesia. According to the president director, Haryati Lawidjaja, the company will use the funding for growth to become a national financial technology (FinTech) leader that focuses primarily on middle-class especially micro, small, and medium enterprises in Indonesia.
In the fundraising, Credit Suisse acted as exclusive fund placement agencies for the FinTech firm. Starting its operational business on June 30, 2019, the e-wallet and merchant services businesses is the flagship product of the 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.
Previously, GoJek, with its digital wallet Gopay, also planned to have an IPO but the time has not been stated. Likewise, Grab has also announced that it will take an IPO strategy but it has not been stated on which stock exchange.
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