Indonesia-based digital wallet DANA raises funding

Indonesia-based digital wallet DANA has closed a funding round from Sinar Mas and leading e-commerce company Lazada Group.

DANA is on a mission to improve financial inclusion literacy in Indonesia. It claims that 43% of the country’s population is estimated to be unbanked and digital payments are helping more people get access financial services.

Consumers using the app receive a digital wallet that lets them complete bank transfers, make payments, withdraw money and more.

The company’s technology has wide developer integration options and enables easy self-onboarding for merchants. It is accepted by over 18 million merchants on the QR Indonesia Standard (QRIS) network.

Offline and online merchants can self-onboard within an hour and gain access to a range of payment instruments.

Since its launch in 2018, DANA has grown to process an average of ten million transactions each day and has a team of 900 employees.

The company claims to have more than 115 million users in Indonesia and is the most downloaded finance application in the country for 2021.

Lazada Group CEO James Dong said, “With an increasingly digitalised landscape in Indonesia and Southeast Asia, improving access to financial services and providing more payment options for both businesses and consumers are crucial developments.

“Even as Lazada remains focused on e-commerce, we see ourselves playing a key role in building technology, logistics and payments infrastructures that will benefit the region for the long term. Our investment in DANA represents a strategic move in the right direction.”

Fellow Indonesian FinTech company Flip recently collected $100m for its Series B funding round, which was led by Tencent. The company aims to become “the most customer-centric financial technology company in the world by enabling individuals and businesses to conduct fair, low-cost financial transactions from anywhere to anyone on a digital platform.”

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