Indonesia’s Doku buys Malaysian fintech firm for $7.5m

Indonesia-based fintech firm Doku has acquired Malaysian payments gateway SenangPay for US$7.5 million, the companies said in a joint statement.

(From left) SenangPay founders Al’dilah Yunus, Mansor Abdul Rahman, and Khairul Azizi Mohd Razali / Photo credit: SenangPay

Doku financed the deal with the funding it received last year from Apis Growth Fund II, a private equity fund managed by Apis Partners.

The acquisition will help SenangPay adopt new services – such as e-wallets, remittances, and offline transactions – that can help its merchants go from brick-and-mortar models into digital businesses, which is in line with the Malaysian government’s “Malaysia Digital” initiative.

Established in 2015, SenangPay helps Malaysian businesses accept payments through credit cards, debit cards, internet banking, and all major e-wallet providers in the country. The company is also registered with Mastercard International as a payment facilitator for the Asia-Pacific region.

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Meanwhile, Doku provides online and offline payment solutions, serving over 150,000 merchants, including TikTok, Google, Garuda, Prudential, and Traveloka. It has five licenses from the Bank of Indonesia, which enables its payment gateway, domestic fund transfers, cross-border remittances, biller payments, e-money and e-wallet services, and QR code payments.

“We believe the opportunity to enter Malaysia is all the more attractive given the similar socio-cultural backgrounds of our two countries,” said Nabilah Alsagoff, Doku’s CEO.

Recently, SenangPay launched SenangZakat, a platform where users can make donations in Malaysia.