Aditya Hadi Pratama · · 1 min readIndonesian e-wallet Dana raises $250m from Sinar Mas (update)
Update (August 11, 12:30 p.m. SGT): This article was updated after the company clarified that the US$250 million only come from Sinar Mas Group and does not include Lazada’s investment.
Indonesian digital wallet player Dana announced that it has received US$250 million in funding from local conglomerate Sinar Mas Group. At the same time, Alibaba-backed ecommerce firm Lazada also bought around 4.8 million shares of Dana from its existing investor Emtek for US$304.5 million.
Earlier this year, Sinar Mas Group said that it was set to invest US$225 million into Dana through its subsidiaries DSST Dana Gemilang and Bank Sinarmas.
Dana CEO Vincent Henry Iswaratioso / Photo credit: Dana
Launched in 2018, Dana also counts fellow Alibaba-backed payments firm Ant Financial and local media conglomerate Emtek Group as investors. Its founder and CEO, Vincent Henry Iswaratioso, was the former Indonesian country head for Alipay.
In a statement, Dana said that it has acquired more than 115 million users and processed over 10 million transactions per day. It currently has around 900 employees, with many of them working on the product team.
Dana forecasted that its total payment volume and gross transaction value at the end of this year will double from the same period in 2021.
See also: Indonesia fintech hits hurdle with new rules on foreign control
Editing by Miguel Cordon and Lorenzo Kyle Subido
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