PT Elang Andalan Nusantara, the operator of the popular Indonesian digital wallet DANA, has secured $70 million in funding to further expand its services. The investment comes from prominent entities including Api (Hong Kong) Investment Ltd, affiliated with Ant Investment; AIDC SI, a subsidiary of Alibaba based in Singapore; Sinar Mas' PT DSST Dana Gemilang; and Emtek's platform, PT Bukalapak.com Tbk. The funding will be used to convert debt into equity, marking a strategic move to strengthen DANA’s position in the competitive digital wallet market.

DANA has experienced impressive growth since its launch, reaching over 180 million users by September 2024. The platform’s usage continues to rise, with 30 million daily transactions recorded. CEO Vincent Iswara shared that out of its massive user base, 850,000 are small and medium-sized businesses (SMBs), and 9,000 are online merchants. This growth highlights DANA’s success in catering to Indonesia’s increasingly digital-first economy.

The e-wallet’s expansion strategy is particularly focused on reaching smaller cities beyond just Tier 1 and Tier 2 markets in efforts to democratize access to digital payment services. DANA aims to ensure that even customers in Tier 3 and Tier 4 cities are able to take advantage of its platform. “We aim to provide access to everyone across Indonesia,” said Vincent Iswara.

The latest investment is seen as a strategic move to solidify DANA's position in Indonesia's rapidly growing digital payments sector, which is expected to continue expanding as more consumers and businesses embrace e-wallets. While the details surrounding the identities of the investors remain undisclosed, the involvement of big players such as Alibaba, Ant Investment, and Sinar Mas signals strong market confidence in DANA’s business model and its growth prospects.

As part of the funding arrangement, the capital infusion will be used to settle the $70 million debt owed to the investors, converting it into equity in the company. This is part of DANA’s ongoing efforts to strengthen its financial position and extend its market reach. With Indonesia’s digital wallet market continuing to grow, DANA's ability to secure significant investment puts it in a strong position to compete with other market players, including GoPay and OVO.

DANA’s continued focus on enhancing its digital wallet service for businesses and consumers across Indonesia suggests that its platform will play a key role in driving the country’s digital transformation in the years to come.

BISNIS