Grab Indonesia led the Series B Round worth of US$100 million for LinkAja, the financial technology (FinTech) apps owned by the state-owned enterprises (SOEs). This funding was also carried out by local firm, PT Telekomunikasi Selular (Telkomsel), PT BRI Ventura Investama, and PT Mandiri Capital Indonesia.

Haryati Lawidjaja, president director of LinkAja, commented, “This Series B investment is a form of trust in the business model and the initial achievements that LinkAja has achieved in one year since was founded.” The company will use the funding for growth to become a national FinTech leader that focuses primarily on middle-class especially micro, small, and medium enterprises in Indonesia.