Dana scores $250m from Sinar Mas

Dana, a player in the Indonesian digital wallet market, declared that the local conglomerate Sinar Mas Group has invested $250 million in the company. Lazada, an online retailer backed by Alibaba, also paid US$304.5 million to acquire 4.8 million shares of Dana from its current backer Emtek.

The Sinar Mas Group announced earlier this year that it will be making a US$225 million investment in Dana through its subsidiaries DSST Dana Gemilang and Bank Sinarmas.

Dana was established in 2018, and among its backers are the local media conglomerate Emtek Group and Ant Financial, another payments company sponsored by Alibaba. Vincent Henry Iswaratioso, the company’s founder and CEO, previously served as Alipay’s Indonesian national manager.

Dana claimed in a statement that it now has more than 115 million users and processes more than 10 million transactions daily. There are presently about 900 people working there, many of them are part of the product team.

According to Dana, its overall payment volume and gross transaction value will have doubled from the same period in 2021 by the end of this year.