Aditya Hadi Pratama · · 1 min readSoftBank Ventures Asia leads $30m round of Indonesian payments firm
Oy, an Indonesia-based fintech startup, has raised US$30 million in a series A round led by SoftBank Ventures Asia.
MDI Ventures, the investment arm of Telkom Group, also participated in this round, along with Pavilion Capital, AC Ventures, BCA-backed CCV, Wavemaker Partners, PT SAT, Saison Capital, and Orion Advisors.
The latest funding boosts Oy’s valuation to over US$100 million.
Oy’s website / Image credit: Oy
Founded by Jan Kristanto, Hilfi Madari Alkaff, and former Gojek vice president Jesayas Ferdinandus, Oy started out as a chat app in 2017. But within a year, it evolved into a payments platform that helps businesses send and receive money from their users.
The startup said in a statement that it has 1 million active users. Among its clients are ecommerce firm Tokopedia, investment platforms Bibit and Bareksa, and peer-to-peer (P2P) lending companies Investree and Akseleran.
Oy previously raised US$3 million seed funding from Wavemaker Partners, Pavilion Capital, Central Capital Ventura, and AC Ventures in November 2020, according to VentureCap Insights.
Editing by Miguel Cordon and Eileen C. Ang
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