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Grab to lead USD 100 mln investment in Indonesian e-wallet LinkAja

Wednesday 11 November 2020 13:43 CET | News

Grab has secured a USD 100 million fundraising round for the Indonesian government-backed e-wallet provider LinkAja.

Joining Grab in the investment were the domestic wireless carrier Telkomsel, BRI Ventures, the venture arm of state bank BRI, and Mandiri Capital Indonesia. Telkomsel is a unit of Telkom Indonesia which is a publicly traded company that is majority-owned by the Indonesian government. The funds will be used to accelerate LinkAja’s growth to sign-up more middle class and “aspiring to middle class” consumers and small to medium-sized enterprises for acceptance, according to a press release.

Go-Jek had been competing with Grab for a primary investment position in LinkAja as part of the ongoing battle for mobile wallet dominance in Indonesia, according to media outlet KR-Asia, cited by paymentssource.com. By winning the primary investment, Grab is in a more competitive position against Go-Jek’s GoPay wallet.


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Keywords: Grab, LinkAja, funding, funding round, domestic wireless carrier, Telkomsel, BRI Ventures, BRI, Mandiri Capital Indonesia, ecommerce, marketplace, mobility, e-wallet, mobile payments, Asia, APAC
Categories: Payments & Commerce | Mobile Payments
Countries: Indonesia
This article is part of category

Payments & Commerce