Tuesday, 19 October 2021

SoftBank Ventures Asia leads OY! Indonesia series A funding worth $30 million

Singapore, 23 September 2021 – SoftBank Ventures Asia announces participation of Series A fundraising round of OY! Indonesia, a financial technology company that focuses on money moving to accommodate all financial transaction turnovers for every business player in Indonesia. The US$30 million or equivalent to Rp. 443.2 billion (exchange rate of IDR 14,400/USD) funding round was led by SoftBank Ventures Asia (SBVA), alongside other prominent investors. 

Since commencing operations in 2018, OY! Indonesia has rapidly grown by enabling businesses of all scales to send and receive money both digitally (cashless) and offline (cash)- providing unprecedented convenience to customers when performing various financial transactions. 

“We are currently enjoying tremendous growth with a total valuation of more than US$100 million or equivalent to Rp. 1.4 trillion, thus placing OY! Indonesia as a startup that has successfully earned the title of Centaur. In this funding series, the support from various investors such as SoftBank Ventures Asia, MDI, Pavilion Capital, AC Venture, CCV, Wavemaker, PT SAT, Saison Capital Pte. Ltd., Orion Advisors (DST Founders) are ready to take OY! Indonesia to the next growth phase and expand its business in Indonesia,” said Jesayas Ferdinandus, CEO of OY! Indonesia. “We believe that this growth must be guided by the commitment to realize the vision of OY! Indonesia as the best and the most comprehensive money movement aggregator infrastructure provider in Indonesia.”

Through continuous transformation and expansion, OY! Indonesia has also strengthened its services as a money movement that facilitates all financial process, from the daily needs of individuals to the business needs among several institutions, ranging from various commercial banks, digital banks, P2P Lending, e-money, and other fintech companies. OY! Indonesia contributes through its role as an integrated connector between various financial institutions and individual consumers, as well as businesses through the provision of financial products that boost efficiency in financial transactions. Individual consumers may now be able to save time and transaction costs; while businesses can afford not to worry about the financial transactions with customers, and instead focus on other aspects to support business development.

During these two years of business development journey, OY! Indonesia has strengthened its business expansion through funding from various well-known investors, including Temasek, MDI Ventures (Telkom Indonesia), AC Ventures, Saison Capital Pte. Ltd., Alternate Ventures, PT SAT, and several investors who contributed in aiding business operations. 

“We thought that money movement not only represents a huge market opportunity but also improves financial inclusion across Indonesia. Therefore, we valued what Oy has built, financial infrastructure across multiple online and offline payment methods.” said Cindy Jin, Partner, SoftBank Ventures Asia

 

Re-disseminated by The Asian Banker

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