Indonesia’s venture capital firm Alpha JWC Ventures has announced to join with global technology platform and digital payments leader PayPal Holdings, Inc. (NASDAQ: PYPL) to invest up to US$5.0 million in participants of PayPal Incubator, a FinTech (financial technology) startup incubation program in Southeast Asia.
Alpha JWC is an early stage investor with a $50 million fund. It’s currently raising a $100 million second fund to continue investing in Southeast Asia’s burgeoning market for FinTech and consumer businesses, according to Ongkowidjaja.
Startups it has backed include crowd-funding platform Funding Societies, automotive marketplace Carro, and OnlinePajak, which helps companies pay taxes online.
