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The two firms have applied to Bank Indonesia for an e-money licence.
UShift plans to use the funds for expansion to four markets outside Singapore – Indonesia, Thailand, the Philippines and Malaysia.
With a footprint across Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines, the company partners with financial institutions and other strategic partners in each country to enable and settle cross-border remittance via banks and various modes for top-up and last mile delivery.
Grab and Ovo have another common link: The Riady family. The Riady family, which owns the Lippo Group, has invested in Grab through Venturra.
It acquired Kartuku, Midtrans and Mapan marking the largest exit in Indonesia’s nascent startup ecosystem so far.
It had earlier announced plans to sell a 30% stake via IPO in 2020.
Kulina was recently named among the four Southeast Asian startups selected for Google’s Launchpad Accelerator programme.
Go-Jek is learnt to have invested around $2 million in Pathao’s Series A round.
In September 2015, the company raised a sum of $10 million from early backer Paytm.
The deal size is said to be upwards of $50 million.