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Aya Lin · · 1 min readIn brief: Indonesian digital wallet Ovo reportedly acquires local mutual fund platform
- Ovo closed a deal to acquire online mutual fund marketplace Bareksa for over US$20 million, according to an executive familiar with the matter, reports DealStreetAsia.
- The acquisition would allow Ovo to extend its reach into Indonesia’s mutual fund market, which has seen substantial growth over the past year, according to data from Indonesia’s Financial Services Authority.
- Ovo, which is also Grab’s Indonesian payments partner, recently announced a partnership with Bareksa to allow users to invest in mutual funds directly within the Ovo app.
- The rumored acquisition comes on the heels of both Grab and Tokopedia’s reported investments in the mobile payment startup.
Editing by Charmaine de Lazo
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