SoftBank Ventures Asia led US $30 M raised by Oy! Indonesia in Series A funding round

SoftBank Ventures Asia led a $30 million (IDR 443.2 billion) Series A investment round for fintech startup Oy! Indonesia, the company said today.

MDI, Pavilion Capital, AC Venture, CCV, Wavemaker, PT SAT, Saison Capital Pte. Ltd., and Orion Advisors were among the other investors in this round.

Oy! Indonesia announced in a news release that it intends to enter the “next phase of expansion” and expand its company in the Indonesian market.

With a valuation of moreover US$100 million (IDR1.4 trillion), OY! Indonesia’s CEO, Jesayas Ferdinandus, has said that the firm had achieved “centaur” status.

“We believe that this growth must be guided by the commitment to realise the vision of OY! Indonesia as the best and the most comprehensive money movement aggregator infrastructure provider in Indonesia,” he said.

Oy! Indonesia has previously received a US$45 million investment round headed by Softbank Ventures Asia and MDI Ventures, with participation from Pavilion Capital, AC Ventures, Alfamart, Central Capital Ventura, and Wavemaker Partners, according to DailySocial.

The seed fundraising round for the firm was completed in 2017-2020. MDI Ventures, Wavemaker Partners, Pavilion Capital, and Central Capital Ventura were among the investors that took part.

The open financial industry appears to have “such a big potential” for local ecosystem participants that can provide ease of transaction through their digital solutions, according to the research.

Oy! Indonesia, which began operations in 2018, is a platform that allows people and companies of all sizes to pay and receive money both digitally (cashless) and physically (offline) (cash). Various commercial banks, digital banks, P2P lending, e-money, and other fintech firms are among its users.

To date, Oy! Indonesia claims to have one million active users, as determined by the use of mobile applications.