Fintech Doku Receives IDR 458 Billion Investment from British Investor

Financial technology (fintech) startup Doku received funding of US$ 32 million or around IDR 458 billion from British investor Apis Growth Fund II. These fresh funds will be used to accelerate product and service development.

In addition, to expand access to digital payments in Indonesia. “The company will be able to invest in product development and engineering for Small and Medium Enterprises (SMEs) in the country,” said Doku Co-Founder and CEO Nabilah Alsagoff in a press release, Thursday (5/8).

According to him, many businesses are increasingly turning to digital because of the Covid-19 pandemic. This is also considered the right time to change the way people do business in the country.

Therefore, “community empowerment and financial inclusion are at the center of Doku’s innovation,” said Nabilah. Doku is a technology-based payment system provider that serves the payment needs of online merchants.

Will Continue to Develop Its Services

This startup was founded in 2007, and is now transforming into three product pillars, namely payment gateways, transfer services, and collaborative commerce.

In addition, the company has also collaborated with remittance partners in neighboring countries to facilitate transfers between countries.

DOKU continues to show impressive growth, having processed 47 million transactions with a total processed transaction of US$2.9 billion in 2020 alone.

Now DOKU plans to continue to innovate through the launch of a number of new offerings for Indonesian businesses and consumers, as well as expanding the company’s geographic reach.

As one of the pioneers of payment gateways in Indonesia, to build the modern payment solutions needed to enable digital commerce in Indonesia and the wider region.

Together with Apis Partners, Doku plans to provide greater access for Indonesians to make online payments and enjoy a simple and seamless product experience.

“Such as product development for small and medium enterprises (SMEs) and encouraging digital payment literacy,” said DOKU Co-Founder Nabilah Alsagoff.

He also revealed that as business becomes more borderless through digital innovation, the company sees it as the right time to change the way people do business in Indonesia.

“In addition, community empowerment and financial inclusion are at the center of DOKU’s innovation, and we are very pleased to be able to share this vision together,” he added.

Doku is in a Strategic Position in Indonesia

The Apis Group is a global private equity asset manager with a focus on economic, social, governance and measles or ESGI. They support growth-stage financial services businesses, and financial infrastructure.

Collectively, the London-based companies manage or advise on investors’ $1.2 billion in committed capital. Apis has representatives in seven countries in Europe, North Africa, East Africa, West Africa, South Asia and Southeast Asia.

“We love working with the (Doku) team that is building a market-leading organization. We look forward to accelerating the company’s growth and impressive registration numbers,” said Matteo Stefanel, Co-Founder and Managing Partner of Apis Partners.

Udayan Goyal, Co-Founder and Managing Partner of Apis Partners, added, “Doku is well-positioned to take advantage of significant opportunities in the payments industry in Indonesia.”

On the other hand, they can share experiences in financial services and the digital payment sector in the wider community.

“We are delighted to partner with DOKU in Apis Partners’ first investment in Indonesia, which reflects our trust in this country as an investment location. The hope is to accelerate the company’s growth and impressive registration numbers,” said Matteo Stefanel, Co-Founder of Apis Partners.

“We look forward to sharing our experiences in the financial services and digital payments sector,” he said. In this investment, DBS Vickers Sekuritas Indonesia acts as an advisor. DBSVI is the intermediary and investment banking branch for the DBS Group in Indonesia.