Indonesia-based LinkAja has reportedly received a $100m Series B round, which was led by Southeast Asia ride-hailing giant Grab.
The capital deal sees Grab become a minority stakeholder within the business, according to a report from IBS Intelligence. Other contributions to the round came from Telkomsel, BRI Ventura Investama and Mandiri Capital Indonesia.
This fresh equity will be used to support the company’s growth.
The company offers electronic payment services to consumers in Indonesia by connecting four state owned banks: Bank Mandiri, Bank Tabungan Negara, BNI 46 and Bank Rakyat Indonesia.
LinkAja president director Haryati Lawidjaja told IBS Intelligence, “We are very enthusiastic about joining Grab as one of our shareholders. We are sure that this strategic partnership supported by investment and the power of Grab’s technology will strengthen LinkAja’s services in providing effective solutions to provide access to finance and the economy for the Indonesian people.”
Copyright © 2020 FinTech Global