Indonesia-based digital payment technology provider LinkAja has received about $100m in a series B round led by ride hailing service Grab, DealStreetAsia reported today, citing a company statement.
The round included telecommunications firm Telkomsel in addition to BRI Ventures and Mandiri Capital, corporate venturing vehicles for financial services firms Bank Rakyat Indonesia and Bank Mandiri.
LinkAja is the developer of a mobile wallet that enables users to store money, pay utility and insurance bills, donate to charities and apply for loans. It has 58 million registered users, more than 80% of whom live in second or third-tier Indonesian cities.
Haryati Lawidjaja, LinkAja’s chief executive, said: “We believe this strategic partnership can strengthen LinkAja’s services. We will open the collaboration opportunity for investors and other partners who have the same vision and mission.”
BRI Ventures had been set to invest $21m in LinkAja’s parent company, Finarya, in May 2019 according to DealStreetAsia, which said its previous funding had come from eight Indonedian state-owned enterprises.
The investors in question include financial services firm BNI, oil and gas supplier Pertamina, insurance firm Jiwasraya and investment manager PT Danareksa.
Telkomsel is the company’s largest shareholder following the series B round, with a 25% stake, while Mandiri Capital owns 16.3% of its shares, BRI Ventures 13.2% and Grab 5.7%.
