OY! Indonesia bags $30m in SoftBank Ventures Asia-led funding round

Fintech startup OY! Indonesia has raised $30 million in its Series A funding round led by SoftBank Ventures Asia, the early-stage venture capital arm of the SoftBank Group.

Other investors, including MDI, Pavilion Capital, AC Venture, CCV, Wavemaker, PT SAT, Saison Capital Pte. Ltd., and Orion Advisors also participated in the funding round, according to the announcement.

The startup is a fintech company engaged in money movement and provides comprehensive financial infrastructure, both for online payments and offline/cash payments. It seeks to bridge all economic players, ranging from consumers, business, owners, fintech, and banks.

Since commencing operations in 2018, OY! Indonesia said it 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.

In two years of its business development journey, OY! Indonesia has strengthened its business expansion through funding from various 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.

To date, OY! Indonesia claims to have one million active users who were recorded based on the use of mobile applications.

Jesayas Ferdinandus, CEO of OY! Indonesia, said the latest funding will be used to take the company to the next growth phase and expand its business in 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,” Ferdinandus added.

Cindy Jin, partner at SoftBank Ventures Asia, said 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,” Jin added.

Founded in 2000, SoftBank Ventures Asia is the early-stage venture capital arm of the SoftBank Group. Its expertise lies in ICT investments including AI, IoT, and smart robotics.