SoftBank Ventures Asia today announced that it has led a US$30 million (IDR443.2 billion) Series A funding round for fintech startup Oy! Indonesia.
Other investors such as MDI, Pavilion Capital, AC Venture, CCV, Wavemaker, PT SAT, Saison Capital Pte. Ltd., and Orion Advisors also participated in this funding round.
In a press statement, Oy! Indonesia said that it plans to enter a “next phase of growth” and expand its business in the Indonesian market.
e27 has reached out to the company’s representative to find out more details about their plan following the funding round.
Jesayas Ferdinandus, CEO of OY! Indonesia, also stated that the company has reached a “centaur” status with its more than US$100 million (IDR1.4 trillion) valuation.
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“We believe that this growth must be guided by the commitment to realise the vision of OY! Indonesia as the best and the most comprehensive money movement aggregator infrastructure provider in Indonesia,” he said.
Previously, in July, DailySocial reported that Oy! Indonesia has secured a US$45 million funding led by Softbank Ventures Asia and MDI Ventures with the participation of investors such as Pavilion Capital, AC Ventures, Alfamart, Central Capital Ventura, and Wavemaker Partners.
The company’s seed funding round was closed in 2017-2020. It included the participation of investors such as MDI Ventures, Wavemaker Partners, Pavilion Capital, and Central Capital Ventura.
The report also observed that the open finance sector seems to have “such a great potential” for local ecosystem players who are able to offer ease of transaction through their tech solutions.
Starting its operations in 2018, Oy! Indonesia is a platform that enables individuals and businesses of all scales to send and receive money both digitally (cashless) and offline (cash). Its users include various commercial banks, digital banks, P2P Lending, e-money, and other fintech companies.
To date, Oy! Indonesia said that it already has one million active users who were recorded based on the use of mobile applications.
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Image Credit: Oy! Indonesia
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