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Sinar Mas, Lazada gives DANA financial injection
DANA's pockets have just gotten deeper with Sinar Mas and Lazada Group joining as the digital wallet company's latest shareholders.
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Vince Iswara, CEO and cofounder of DANA Indonesia, poses next to the DANA logo in this undated handout photograph. (DANA/-)
S
inar Mas and Lazada Group have injected an undisclosed amount of capital into Indonesian digital wallet company DANA, joining EMTEK Group and Ant Group as the fintech firm’s shareholders.
“With continuing growth of the digital landscape in Indonesia and Southeast Asia, extending access to financial services and providing wider payment options for businesses and consumers is an extremely important development,” said James Dong, CEO of Lazada Group and Lazada Indonesia.
“Although Lazada will remain focused on e-commerce, we see Lazada as a key player in building technology, logistics and payment infrastructure that will benefit Southeast Asia in the long term. Our investment in DANA is a strategic step in the right direction,” he added.
Payment and financial services platform DANA, founded only four years ago in 2018, claims it has more than 115 million users and a daily average of 10 million transactions.
Sinar Mas is one of Indonesia's biggest and diversified conglomerates, and also views its investment in the start-up as a strategic move.
Read also: Sinar Mas Land launches investment arm to fund start-ups powering smart cities
“Our investment in DANA marks the start of […] strategic collaboration between Sinar Mas and DANA,” Franky Oesman Widjaja, chairman of Sinar Mas subsidiary PT Dian Swastatika Sentosa, said in a press release.
