DOKU, an Indonesia-based payment platform, announced Thursday it has expanded into Malaysia after acquired an online payment firm senangPay for $7.5 million.
The acquisition followed DOKU received funding from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP last year.
“The recent acquisition of senangPay marks the beginning of DOKU’s expansion overseas and its efforts to reach a wider business segment, especially small and medium-sized enterprises (SMEs). As a leading payments provider in Indonesia with the widest suite of online and offline payments products serving over 150,000 merchants, we look forward to offeringour innovative products to similar businesses in Malaysia,
“We believe the opportunity to enter Malaysia is all the more attractive given the similar socio-cultural backgrounds of our two countries,” DOKU’s Chief Operating Officer Nabilah Alsagoff said in a statement.
SenangPay is an online payment gateway that was established in 2015. It is managed by Simplepay Gateway Sdn Bhd and registered with Bank Negara Malaysia as a merchant acquiring services provider. It is also registered with Mastercard International as a payment facilitator (PF) for the Asia Pacific region.
As an online payment gateway, senangPay helps Malaysian businesses easily accept customer payments through a range of methods which includes credit card, debit card, internet banking (FPX) and all majors e-wallet providers in Malaysia.
Today, senangPay is amongst the Top 5 payment gateways in Malaysia and the company has served over 15,000 merchants, with a team of more than 45 people.
Through DOKU’s acquisition, senangPay is planning to strengthen and expand services beyond online payment gateway, adopting new services such as e-wallet, remittance, and offline transaction such as Tap On Glass, mobile to mobile (M2M) etc.
With these new offerings, senangPay will enable the transition of its merchants from brick-and-mortar models into the digital era, in line with the Malaysian government’s “Malaysia Digital” initiative.
“When we set up senangPay, we wanted to create an alternative payment gateway for the small medium business especially for business owners that lack technical skills and not familiar with digital tools. Operating online business is not so affordable so we started something that is more cost effective. Our gateway is secured and we provide reliable service and superior support. We are beginning to see more merchants using us,
“So, I believe this acquisition is beneficial and necessary for the company’s growth as well for everyone internally and our merchants. By closing the gap between the two countries, and combining expertise from two companies, I expect to see significant improvements in areas we may have never expected, as well as in areas we wish to improve,” said senangPay Chief Executive Officer Mansor Abd Rahman.
As a testament to senangPay’s market innovation, the company recently launched senangzakat, a convenient platform to pay a variety of zakat (donations) in Malaysia. This new offering has already gained strong traction and positive responses from users which have highlighted its user-friendly experience.
DOKU is a payment platform and the first Indonesian-owned electronic payment solutions provider to offer local payment solutions tailored to address merchants’ online payment needs. It provides the suite of online and offline payment solutions, and local payment methods, serving over 150,000 merchants across many industries, including TikTok, Google, Garuda, Prudential, and Traveloka.
The firm is the only payments player with five licenses from Bank of Indonesia which enables us to offer a variety of solutions, such as payment gateway, domestic fund transfers, cross border remittance, biller payments, e-money, e-wallet and QR code payments.