Grab leads $100m investment in Indonesian e-wallet LinkAja
Singaporean fintech giant Grab has led a $100 million Series B funding round into Indonesian e-wallet firm LinkAja.
Mandiri Capital Indonesia, BRI Ventures, and Telkomsel also participated in the round, LinkAja’s first from third parties.
Founded in 2019, LinkAja is the result of collaboration between a collection of state-owned Indonesian enterprises.
Among the group are Bank Rakyat Indonesia, Bank Negara Indonesia, and Bank Mandiri.
LinkAja claims to serve 58 million customers in its home country. It plans to use the funding to boost its ability to serve small and medium-sized enterprises (SMEs).
“We are very excited to have Grab as one of our shareholders,” says Haryati Lawidjaja, CEO of LinkAja.
“Grab’s investment and technology expertise will strengthen LinkAja’s services in giving effective solutions to provide access to finance and economy for Indonesians.”
Lawidjaja adds that her firm continues to welcome new investors and partners.
Singapore-based Grab’s interest in Indonesia stretches back to 2019, when CEO Anthony Tan said his firm would invest $2 billion in the country by 2024.
The fintech has opened a tech centre in the country, which serves as its regional innovation hub.
Grab is the subject of a rumoured mega-investment from Prudential and AIA Group. It is seeking between $300 million and $500 million. A deal was supposed to be finalised in October.
Grab applied for a full digital banking licence in Singapore in 2019. It partnered with Singtel, one of the largest telecoms in Singapore, for the application.
The Monetary Authority of Singapore (MAS) is still yet to decide which companies will get the green light.