Doku, an Indonesian fintech company, has paid US $7.5 million to buy SenangPay, a Malaysian payments gateway, according to a joint announcement from the two businesses.
Doku paid for the transaction with money it got from Apis Growth Firm II, a private equity fund run by Apis Partners, last year.
The purchase will assist SenangPay in implementing new services, such as e-wallets, remittances, and offline transactions, that can assist its merchants’ transition from brick-and-mortar models to digital enterprises, in accordance with the Malaysian government’s “Malaysia Digital” plan.
SenangPay, which was founded in 2015, enables Malaysian companies to take payments from customers using credit cards, debit cards, online banking, and all of the main e-wallet providers in the nation. As a payment facilitator for the Asia-Pacific area, the business is furthermore registered with Mastercard International.
Doku, which serves over 150,000 businesses like TikTok, Google, Garuda, Prudential, and Traveloka, offers online and offline payment solutions. It is permitted to use its payment gateway, domestic fund transfers, international remittances, biller payments, e-money and e-wallet services, and QR code payments thanks to its five licenses from the Bank of Indonesia.
“We believe the opportunity to enter Malaysia is all the more attractive given the similar socio-cultural backgrounds of our two countries,” said Nabilah Alsagoff, Doku’s CEO.
