Indonesia-based digital payments platform LinkAja has raised US$100 million in Series B funding round according to a statement released by the startup. The round of funding was led by Grab, Southeast Asia’s ride-hailing and food delivery firm with participation from Telekomunikasi Selular (Telkomsel), BRI Ventures, and Mandiri Capital.
This investment will see Grab own 5.7 percent shares in LinkAja.
The proceeds will be used to accelerate LinkAja’s growth. The firm focuses on middle-class consumers and Indonesia’s SMEs.
Haryati Lawidjaja, CEO of LinkAja said in the press statement, “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.”
“Grab, SOE ministry, and the SOE companies have committed to support the growth and the ecosystem startup development in Indonesia. Cash is still the main transaction in the country, and there are millions of Indonesians still not reachable with the traditional banking system. We choose to invest in LinkAja because we can accelerate the mission to accelerate financial inclusion in Indonesia. The strategic collaboration between LinkAja and our digital ecosystem, including OVO and Tokopedia will support us to provide cashless services for every society with comfortable, accessible, and secure,” said Neneng Goenadi, Managing Director at Grab Indonesia.