Indonesian FinTech KinerjaPay has secured a signed commitment from PT. Investa Wahana Group to invest $200m in the business.
Wahana Group had agreed to buy $100m of the company’s Series F stocks and $100m of the KinerjaPay’s Series G convertible preferred stocks.
KinerjaPay provides payment services through its secure web portal and mobile apps. Customers can use the platform to access payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfers.
As a part of its 2019 expansion, KinerjaPay is set to expand into prepaid mobile business, P2P lending, mobile payments, online gaming, and ecommerce services.
The company will use the new funding to support its peer-to-peer lending operations, potential acquisitions and strategic investments. The new offering will initially be available in Indonesia, before expanding in SE Asia. The company also said it intends to invest in related industries in other foreign countries.
KinerjaPay chairman and CEO Edwin Witarsa Ng said, “This investment commitment, which is expected to close within the next ten days, will accelerate our growth plan for 2019 as we evaluate several potential acquisitions as well as proceed with strategic investments, which should, in turn, transform the company into a significant market presence in our eCommerce and peer-to-peer lending operations, principally in Indonesia.”
Wahana Group provide financial support to public and private development projects in Indonesia.
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