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Jofie Yordan · · 1 min readIndonesia’s Dana joins unicorn club
Indonesian digital wallet Dana has joined the unicorn club following investments from local conglomerate Sinar Mas Group and Lazada, sources with knowledge of the matter confirmed to Tech in Asia.
The funding puts Dana’s post-money valuation at over US$1.2 billion, said one of the sources. Tech in Asia has reached out to Dana for comment.
Vince Iswara, CEO and co-founder of Dana / Photo credit: Dana
DealStreetAsia reported in August that Dana was valued at over US$1.1 billion, according to calculations based on regulatory filings.
Sinar Mas Group, which invested US$250 million in Dana, now owns 22.11% of the company via three entities. Meanwhile, Lazada, which like Dana is linked to Alibaba, spent US$304.5 million through its LazadaPay Holdings subsidiary for 4.8 million shares that previously belonged to existing investor Emtek Group. Lazada now owns 33.18% of Dana.
See also: Lazada-backed Dana finds new momentum as it looks beyond payments
CEO and co-founder Vince Iswara previously declined to comment on Dana’s valuation and unicorn status. He said the company’s focus going forward is to expand its financial services to pursue its next phase of growth.
Iswara said that Dana now has 120 million users, processing 10 million transactions per day.
Editing by Putra Muskita and Jaclyn Tiu
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This comes after Sinar Mas Group and Lazada’s investments in the e-wallet.
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