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Hiswara Bunjamin & Tandjung has advised Indonesia’s LinkAja, the state-backed digital payment platform, on a strategic investment by Gojek, Southeast Asia’s leading mobile on-demand services and payments platform.
With this investment, LinkAja has now raised a total commitment of more than US$100 million in its current Series B fundraising.
The investment agreement will also bring together LinkAja’s largely public-sector cashless payment options with Gojek’s platform for retail and micro, small and medium enterprises.
This is LinkAja’s second investment from a major technology company, and the second on which Hiswara Bunjamin & Tandjung has advised in recent months. In November 2020, the firm advised LinkAja on a similar investment by Grab, Southeast Asia’s leading super app.
“This is a major step forward for financial inclusion in Indonesia as it creates more variety in the financial services solutions on offer to consumers and businesses in Indonesia,” said HBT lead partner Sakurayuki.
The pandemic has also vastly accelerated fintech adoption in the market. “The increased use of digital payments – in particular during large-scale pandemic restrictions – has led to rising demand for innovative financial solutions that facilitate commercial transactions online,” said Sakurayuki.
“Despite COVID-19 and global uncertainties, Indonesian fintech startups continue to attract significant funding from investors, with a handful of mega-rounds of over US$100 million since late-2019, including LinkAja’s Series B fundraising,” said Jakarta-based Herbert Smith Freehills of counsel Cellia Cotan Cognard.
“We anticipate increased activity levels in 2021 as fintech companies continue to explore further M&A deals and partnerships involving other key players in the Indonesian digital economy.”
Sakurayuki and Cellia led the transaction, assisted by Hiswara Bunjamin & Tandjung senior associates Stephanie and Randitya Adiguna, associates Astri Widita Kusumowidagdo, Devina Andrasanti and Dimas Adji, and trainee Alyssa Ghassani, together with Herbert Smith Freehills partners Vik Tang and Mark Robinson, senior associates Matthew Wentz and Michelle Virgiany, and associate Clare Hubert.