Digital wallet provider Dana in Indonesia said that it has obtained US $250 million in capital from the local conglomerate Sinar Mas Group and an unknown amount of investment from Alibaba-backed e-commerce company Lazada.
Through its subsidiaries DSST Dana Gemilang and Bank Sinarmas, Sinar Mas Group said earlier this year that it will invest US $225 million in Dana.
2018 saw the launch of Dana, which also counts Ant Financial, a sister Alibaba-backed payments company, and the regional media behemoth Emtek Group among its backers. Former Alipay national manager for Indonesia, Vincent Henry Iswaratioso, is the company’s founder and CEO.
According to Dana, its overall payment volume and gross transaction value will have doubled from the same time period in 2021 by the end of this year.
