Type to search

Mime Stories Startup News Startups

Grab Leads a Total of US$ 100 Million Funding for LinkAja

Grab Leads a Total of US$ 100 Million Funding for LinkAja

Grab has just announced that it has led series B funding in LinkAja as well as being a minority shareholder in the company. This is the first time LinkAja has received investment from a private company as well as a large technology company.

This funding was also carried out by BRI Ventura Investama, Telkomsel, and Mandiri Capital Indonesia. This funding agreed on a total commitment of up to USD 100 million which will be used to accelerate LinkAja’s growth.

The strategic investment from Grab will include various synergies and potential collaboration for the two parties. The hope is that the synergy and collaboration will accelerate and at the same time increase the financial inclusion of the Indonesian people.

Grab Leads a Total of US$ 100 Million Funding for LinkAja

Grab invests in LinkAja because the company believed they can accelerate their goals in accelerating financial inclusion in Indonesia. On the other hand, the decision to raise funds for this digital wallet service cannot be separated from a number of advantages the company has.

One of them is that this service is supported by a strong shareholder base which is the ranks of the leading BUMN in Indonesia. In addition, this digital wallet service is known as an innovative product with a strong brand that is rapidly developing into an iconic local fintech (financial technology) platform.

In fact, in the midst of the economic challenges of the Covid-19 pandemic, LinkAja was able to increase the Gross Transaction Value (GTV) and the number of transactions in the third quarter of 2020 by three times, compared to the same period in the previous year. The company sure that this strategic partnership will strengthen their services in providing effective solutions to provide access to finance and the economy for the people.

LinkAja Collaborates with the Regional Government of Yogyakarta

On the other hand, LinkAja has recently expanded cooperation with the Regional Government (Pemda) to improve the regional economy through digital economic innovation. Previously, LinkAja has worked with more than 50 local governments throughout Indonesia.

The collaboration was formalized through the signing of a Memorandum of Understanding on Improving Regional Economic Performance through Digital Technology Innovation, which was signed by the Governor of the Special Region of Yogyakarta, Sri Sultan Hamengkubuwono X with the President Director of LinkAja, Haryati Lawidjaja, which took place at Gedhong Pracimosono Hall, East Side of the Kepatihan Complex. , Danurejan, Yogyakarta.

Grab Leads a Total of US$ 100 Million Funding for LinkAja

This collaboration is referred to as LinkAja’s commitment to the Regional Government and the people of the Special Region of Yogyakarta in providing convenience, security and convenience of digital financial services in the six sectors that are the economic pillars of the Special Region of Yogyakarta (DIY).

The six pillars are the sector of digitizing taxes and levies, MSMEs and markets, tourist areas, transportation, education, and local retail. The purpose of this collaboration is to improve the regional economy through digital economic innovation.

The Scope of Cooperation between LinkAja and Local Governments

The scope of this cooperation includes: organizing various activities in the context of financial literacy and inclusion through the use of digital technology innovation, sustainable research and development in the field of digital financial transactions.

This includes the development of digitalization of the sharia ecosystem, as well as the use of data and information resulting from digital technology innovation in governance according to mutual agreement.

Grab Leads a Total of US$ 100 Million Funding for LinkAja

“The Government of the Special Region of Yogyakarta welcomes and gives the highest appreciation to PT. Fintek Karya Nusantara (LinkAja) for collaborating with us in providing public service facilities through the use of digital economy innovation,” said Sri Sultan Hamengku Buwono X.

He said, digital economy innovation solutions are also able to support increased regional income, such as in paying local taxes and levies online, as well as real-time anytime and anywhere. “The digitization of payments can also help local government operations more efficiently because they are connected to technology,” said Sri Sultan.