<article>Private equity firm Apis Partners on Thursday announced it has pumped in $32 million in Indonesian digital payments company DOKU in its first investment in the archipelago.</article>

Private equity firm Apis Partners on Thursday announced it has pumped in $32 million in Indonesian digital payments company DOKU in its first investment in the archipelago.
The PE firm made the investment from Apis Growth Fund II, which closed at $550 million in December 2019.
DOKU holds five licences granted by the Bank of Indonesia that allows the company to offer services spanning payments, domestic fund transfers, cross-border remittance, and e-wallet services. In 2020, the company processed 47 million transactions with a total payment value of $2.9 billion.
The company earns the majority of its revenue by processing online payments for large and small businesses in Indonesia.
DOKU said in a statement that it will use the latest funding to launch new products and services for small-to-medium-sized businesses and consumers. The company is backed by Indonesian media and tech conglomerate Emtek Group, which acquired a 50% stake in the payments company in October 2016.
Apis, headquartered in London, focuses on fintech investments, particularly in payments companies.
The firm has made six other investments from Apis Growth Fund II. In June it led a $45-million Series C funding round in Indian insurance platform RenewBuy. Other companies in its portfolio include Singapore-based fintech Coda Payments, and Hero FinCorp, an Indian non-bank lender.
Apis Partners managing partner and co-founder Udayan Goyal told DealStreetAsia in an interview earlier this year that the firm targets venture-backed companies that are looking for investors with expertise in financial services.
Goyal said there is a significant opportunity in Southeast Asia in embedded finance, or financial services offered by non-bank companies, driven by the growth of the super apps in the region.

Founded in 2007, DOKU earns the majority of its revenue by processing online payments for large and small businesses in Indonesia.

Apis Partners invests $32m in Indonesian digital payments firm DOKU

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Related Stories

Indonesia: DOKU investor Gemilang Dana Sentosa buys 20% of Bareksa

Indonesia's Emtek Group open to external funding for its video-on-demand service

Apis Partners invests $32m in Indonesian digital payments firm DOKU

Continue reading this premium story with a subscription to DealStreetAsia.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Related Stories

Indonesia: DOKU investor Gemilang Dana Sentosa buys 20% of Bareksa

Indonesia's Emtek Group open to external funding for its video-on-demand service