SoftBank Ventures Asia, the early-stage venture capital arm of the SoftBank Group, announced on Thursday its participation in Series A fundraising round of OY! Indonesia, a financial technology payments company in Indonesia.
The $30 million funding round was led by SoftBank Ventures Asia (SBVA), alongside other investors including MDI, Pavilion Capital, AC Venture, CCV, Wavemaker, PT SAT, Saison Capital, Orion Advisors (DST Founders).
The funding round also came after another Indonesia-based Fintech firm Xendit in a $150 million Series C funding round led by Tiger Global Management which elevated the company to the shortlist of Southeast Asia unicorns.
Since commencing operations in 2018, OY! Indonesia has rapidly grown by enabling businesses of all scales to send and receive money both digitally and offline–providing convenience to customers in various financial transactions.
“We are currently enjoying tremendous growth with a total valuation of more than $100 million (1.4 trillion IDR), thus placing OY! Indonesia as a startup that has successfully earned the title of ‘Centaur’,” said OY! Indonesia Chief Executive Officer Jesayas Ferdinandus in a statement.
The support from various investors will take OY! Indonesia to the next growth phase and expand its business in Indonesia, he added.
Through continuous transformation and expansion, OY! Indonesia has also strengthened its services as a money movement that facilitates all financial processes, from the daily needs of individuals to the business needs among several institutions, ranging from various commercial banks, digital banks, P2P Lending, e-money, and other FinTech companies.
OY! Indonesia acts as an integrated connector between various financial institutions and individual consumers, as well as businesses through the provision of financial products that boost efficiency in financial transactions.
During these two years of business development journey, OY! Indonesia has strengthened its business expansion through funding from various investors, including Temasek, MDI Ventures (Telkom Indonesia), AC Ventures, Saison Capital Pte. Ltd., Alternate Ventures, PT SAT, and several investors who contributed in aiding business operations.
To date, OY! Indonesia already has one million active users, based on the use of mobile applications.