Backed by Jack Ma-owned Ant Group, Dana offers digital wallet-based payments and financial solutions to over 115 million users across Indonesia.
The latest infusion occurs at a time when Ant Group is looking to enhance its business in Southeast Asia. The fintech firm has collaborated with local entities in Indonesia, Thailand, Malaysia and other nations in the region, reported Bloomberg.
Dana aims to use the fresh capital to develop additional financial solutions and expand its technology offerings.
It also plans to further support its financial inclusion and literacy campaigns for the locals in line with the government of Indonesia’s strategic programmes and Bank Indonesia’s Indonesia Payment Systems Blueprint 2025.
Data from Bank Indonesia has showed that more than 16 billion transactions were made digitally last year, surpassing payments volume of both credit and debit cards.
Digital payments also outshined credit card payments in terms of business value at IDR786tn ($54bn) versus IDR245tn ($17bn) in 2021.
DANA Indonesia CEO and co-founder Vince Iswara said: “We are confident that DANA’s strong fintech platform will give a lot of strategic value to our valuable investors to drive our efforts in realising our vision for a financially inclusive, financially literate and cashless society in Indonesia.
“The support provided by all shareholders will certainly strengthen us as we continue improving the digital financial services that DANA provides for all Indonesians and in accelerating financial literacy and inclusion to encourage national economic growth.
“We believe this investment is part of the business development that will prepare DANA for the next phase of growth.”