Pundi-Pundi, a Jakarta, Indonesia-based mobile payments and micro-loan startup aiming to create a cashless environment in South East Asia, closed a $4M pre-A round of funding.
Investors included a major public listed technology company in Greater China.
The company, bootstrapped in an angel round of $2M in January 2017, plans to use the funds to accelerate the growth of its user base and merchant partners in Jakarta, prepare expansion to other South East Asian markets, starting with Singapore and Malaysia at the beginning of 2018, followed by Thailand and Vietnam in the 2nd half of the year, and grow its micro loan business.
Founded by 29-year-old serial entrepreneur Danny Lim, Pundi-Pundi (which means “wallet” in Bahasa) is a mobile payments and micro-loan startup aiming to create a cashless environment in South East Asia. Merchants can accept payments via the app, can push marketing campaigns and promotions directly to the user’s phone, as well as can collect valuable data on visitor preferences and information.
The mobile application connects 100,000 registered users in Indonesia with over 500 merchants already, allowing them to make transactions with their smartphone when paying for services or goods from the merchants.
The company currently counts 60 employees in between Jakarta for business development and Shenzhen, China, for R&D with plans to bring the team to 100 by the end of the year.