KinerjaPay, a digital payments firm based in Indonesia, has obtained $200m in financial assistance from local construction firm Wahana Group.
Under the agreement, Wahana will subscribe for $100m in KinerjaPay’s Series F shares. Furthermore, another $100m in shares of the payment firm’s Series G convertible preferred stock.
Funding to drive growth plan
The payments firm will use the investment to fund its peer-to-peer (P2P) lending business. Besides, the capital will support the firm’s future takeovers and strategic investments.
KinerjaPay also plans to use the funding to buy back its stock on the open market.
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.”
The payments firm plans to launch a host of new services this year, including prepaid mobile business, P2P lending, mobile payment solutions, online gaming, and eCommerce services. The offerings will be initially launched in Indonesia, prior to a broader rollout in South East Asia.
Moreover, the firm plans to invest in certain related industries in foreign countries.