Data Vantage: Funding for OnlinePajak, a digital payments revolution and other updates

Indonesian tax compliance solutions provider OnlinePajak raised $5 million in fresh funding from global financial services firm Visa this week.

Following the deal, Visa now holds an almost 3% stake in OnlinePajak. The startup’s other significant shareholders include Warburg Pincus, Evialia France (an investor in OnlinePajak founder Charles Guinot’s former employer Farinia Group), Sequoia Capital India and Alpha JWC Ventures.

Top shareholders in OnlinePajak

Source: DATA VANTAGE

Visa’s investment in OnlinePajak was part of the company’s Series C funding round, in which it had previously raised $12 million from Tencent Holdings, Altos Ventures and Warburg. Convertible preference shares allotted in the round were priced at $305.47 apiece, up 61% from a Series B round in 2018.

OnlinePajak is now valued at $174.4 million, according to DATA VANTAGE.

The OnlinePajak investment is the latest deal involving Visa and Southeast Asian startups. The digital payments company has also invested in Grab, Gojek (now GoTo), Nium and marketing tech startup Ascenda.

Meanwhile, rival Mastercard led a Series B investment in Indonesian fintech holding company Digiasia in 2020 and is now one of its top shareholders. The payments giant has also invested in AiDA Technologies and India’s Pine Labs and Instamojo.

The rise of digital payments in Southeast Asia

According to the e-Conomy SEA 2021 report by Google, Temasek and Bain, the digital payments market in the region will see its gross transaction value (GTV) grow to $1.17 billion by 2025.

Source: e-Conomy SEA 2021 Report

According to DealStreetAsia’s latest quarterly deal review for Southeast Asia, the biggest deals in the digital payments space in the third quarter were Nium’s $200 million Series D, Xendit’s $150 million Series C, Ascend Money’s $150 million Series C, and BigPay’s $100 million corporate round.

The fourth quarter has already seen Mynt, which operates the GCash payments platform in the Philippines, become a double unicorn after raising $300 million. In neighbouring Vietnam, e-wallet MoMo’s parent firm is understood to be in talks to raise new funding that would push its valuation past the billion-dollar mark.

Other updates from DATA VANTAGE

Singapore-based hawker food delivery startup WhyQ secured $1.9 million in fresh funding this week. Investors in the round include Delivery Hero, Chope, an AngelCentral syndicate, and Project Kopitiam.

Asian food brand Mekhala bagged $462,000 in funding this week from investors including Canada-based Loyal VC, Eugene Wong and other angel investors.

Fintech firm Ezsy bagged $443,578 earlier this week from new shareholders Nirvana Water and 2G Capital, which subscribed to the company’s ordinary shares. The startup is 50% owned by GB Capital Investment, a vehicle owned by ASEAN Fintech Group co-founder and Ezsy chairman Douglas Gan.

Foodtech startup Nutrition Innovation gobbled up nearly $100,000 in funding from commodity trading firm Enerfo Sugar earlier this week. Enerfo has been topping up its investment in the foodtech firm, injecting around $400,000 in total this year.

Endowus chairman and chief investment officer Samuel Rhee transferred some of his shares to Boleh Capital and K3 Ventures, among others, in a series of secondary transactions this week.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.