PT. Investa Wahana Group, Indonesia, a financial supporter of several development projects in Indonesia, both government related and private sectors. has agreed to invest $200m in digital payments platform KinerjaPay.
Wahana Group has agreed to subscribe for $100m in series F and an additional $100m in series G convertible preferred shares of KinerjaPay.
KinerjaPay will use the proceeds to fund its peer-to-peer lending operations, potential acquisitions and strategic investments in ts home-based region as part of the expansion plan for this year.
The company is also planning to allocate, certain portion of its subscription to repurchase its stock from the open market, subject to rules of the securities exchange commission (SEC).
KinerjaPay offers digital payment solutions to brick-and-mortal businesses in Indonesia and South East Asia regions. The company claims that its features engage users with interactive gamification feature allowing its users to ‘play’ while enjoying the benefits of shopping online with ease of payment options at their finger tips.
Users can also make online payments of their utility bills, phone topups/data plan, insurance, automobile installments and many more.
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.”
This year, the company plans to expand into prepaid mobile business, p2p lending, mobile payment solutions, online gaming and ecommerce services initially in Indonesia and will expand its presence across South East Asia. Additionally, it plans to invest in certain related industries in other foreign countries.
In September 2018, KinerjaPay completed the acquisition of Kinerja Indonesia. The acquisition consolidated all of the company’s accumulated gross revenue to date.
The purchase also consolidate its IP technology and manage its 1,500ft2 data center located in North Sumatra. It also plans to expand the data center business to provide cloud computing services as well as data mining from KPAY’s existing customer base.