Indonesia – FinTech Ranking

Bukalapak, StanChart Launch Their Digital Banking Service in Indonesia

Elena Kondrashkina — Mon, 05 Sep 2022 13:20:00 +0000

Indonesian e-commerce platform Bukalapak and Standard Chartered announced that they have officially launched their digital banking service BukaTabungan.

BukaTabungan is now available on Google Play Store and will soon be available on the App Store.

Through offering banking access, BukaTabungan also aims to support the business continuity and development of Micro, Small and Medium Enterprises (MSMEs) who make up 97% of Indonesia’s workforce.

Indonesia’s tech firm GoTo buys local crypto exchange for $8.4 mln

Elena Kondrashkina — Tue, 30 Aug 2022 15:23:07 +0000

Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia Tbk (GoTo) entered cryptocurrency business by acquiring local crypto exchange PT Kripto Maksima Koin in a bid to diversify its services.

GoTo acquired 100% shares of PT Kripto Maksima Koin for 124.84 billion rupiah ($8.38 million), it said in the statement to stock exchange regulator on Monday.

Indonesia’s SME-Focused Neobank KoinWorks Raises US$108 Million Series C

Elena Kondrashkina — Tue, 11 Jan 2022 10:20:24 +0000

KoinWorks, an Indonesian neobank focused on small and medium-sized enterprises (SMEs), has secures US$108 million in a Series C funding round which consists of US$43 million in equity and US$65 million in debt capital.

The round was led by MDI Ventures, the corporate venture arm of Telkom Indonesia with participation from previous equity investors such as Quona Capital, Triodos Investment Management, Saison Capital, ACV and East Ventures.

WeLab acquires Bank Jasa Jakarta in Indonesia

Elena Kondrashkina — Tue, 07 Dec 2021 07:11:03 +0000

WeLab, a leading pan-Asian fintech platform, today announced the acquisition of PT Bank Jasa Jakarta (BJJ), a commercial bank in Indonesia, with plans to launch its second digital bank in Asia further to the successful launch of WeLab Bank in Hong Kong.

WeLab, headquartered in Hong Kong, has drawn wide-spread interest from existing and new investors who have already contributed US$240 million for this transaction, representing the largest fintech funding in Indonesia in 2021. The funds will be used to acquire the controlling stakes from its existing shareholders and tech investments.

Ribbit Capital Acquires a Minority Stake in Indonesian Digital Bank Jago

Elena Kondrashkina — Wed, 06 Oct 2021 12:20:00 +0000

Venture capital firm Ribbit Capital has snapped up a minority stake in Bank Jago, a Gojek-backed digital bank.

Ribbit Capital had previously invested in Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma.

Prior to this, ride hailing super app Gojek had acquired a 22% stake in Bank Jago who had launched its fully digital banking platform in April 2021. Gojek’s app now includes a cashless payment method powered by Jago for seamless in-app payments.

LINE Rolls Out Its Third Digital Bank in Indonesia With Hana Bank

Elena Kondrashkina — Fri, 11 Jun 2021 10:14:54 +0000

LINE Financial Asia, an affiliate of LINE Corporation, announced the launch of its digital banking platform in Indonesia, in a collaboration with PT Bank KEB Hana Indonesia, a subsidiary of South Korea’s Hana Bank.

This is the third market in which LINE Bank is operating in following that of Thailand and Taiwan where it has secured an operational license by Taiwan’s Financial Supervisory Commission.

LINE Bank aims to target the Indonesian financial market by providing convenient digital banking services, combining the tech expertise of Asia’s leading mobile platform company LINE and the accumulated financial know-how of Hana Bank.

Line launches digital banking platform in Indonesia

Elena Kondrashkina — Tue, 01 Jun 2021 08:41:46 +0000

Line Corporation, best known for its messaging app, launched a digital banking platform in Indonesia today, TechCrunch reports. This means Japan-based Line Corp. now offers banking services in three of its biggest overseas markets: Indonesia, Thailand and Taiwan.

Line Corp.’s Indonesian banking platform is the result of a partnership the company struck in 2018 with PT Bank KEB Hana Indonesia, a subsidiary of South Korea’s Hana ZBank. Line Corp. agreed to acquire 20% of PT Bank KEB Hana Indonesia, making it the bank’s second-largest shareholder, and said it would work on online banking services, including deposit accounts, microcredit products, and remittance and payment services.

BukuKas raises $50m in series B round

Elena Kondrashkina — Tue, 18 May 2021 18:31:00 +0000

BukuKas started as a bookkeeping platform that allows business owners to record and manage their sales and expenses. It later expanded to inventory management, invoicing, and analytics.

BukuKas co-founder Krishnan Menon says that his motivation is to bring a bank experience to all SMEs in the country and give them a full financial stack.

The firm has just raised US$50 million in series B funding from existing and new investors, including product guru Gokul Rajaram and TransferWise co-founder Taavet Hinrikus.

Telkomsel invests an additional $300 million in Gojek

Elena Kondrashkina — Mon, 10 May 2021 12:55:00 +0000

Telkomsel, a unit of Indonesia’s largest telecom operator Telkom, has invested an additional $300 million in ride-hailing and payments firm Gojek, the two firms said Monday, just months after the network provider wrote a $150 million check to the Southeast Asian firm.

The announcement comes amid Gojek working to seal a proposed merger with e-commerce platform Tokopedia. The $18 billion deal would result in a new entity called GoTo, according to media reports. Telkomsel’s investment today likely makes it one of GoTo’s top eight investors.

Reda more: TechCrunch

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Gojek joins LinkAja’s Grab-led series B round

Elena Kondrashkina — Tue, 09 Mar 2021 16:38:00 +0000

LinkAja announced that it has received a strategic investment from Indonesian tech giant Gojek, pushing the interbank network’s ongoing series B raise past US$100 million, Tech in Asia reports.

As part of the deal, LinkAja will be integrated as a payment method for select additional services available on the Gojek app in Indonesia, according to a statement. Users will also be able to make payments for certain Gojek services from the LinkAja app.