Indonesian conglomerate Salim Group has invested in mobile financial services company Youtap, claiming a minority stake in the Singapore-headquartered company.
In an official release, which did not specify the financial details of the investment, Youtap also announced that both parties have agreed to establish operating companies in multiple markets to carry on the business of providing e-money applications and solutions to merchants and consumers.
Youtap, which has an R&D center in Auckland and an office in South Africa, is a mobile financial services company for contactless mobile money payments and financial services in EMEA & Asia. The company provides contactless mobile payments and financial services software enabling e-money wallet consumers to scan, swipe and tap to pay at any point of sale using any device.
Salim Group, meanwhile, operates in food, retail, automotive, telecommunications, infrastructure and other sectors across Indonesia and the Philippines. It recently announced an e-commerce JV with Korea’s Lotte group, iLotte, with an investment of $100 million.
In January, this portal reported that Salim Group had already applied to Bank Indonesia for an e-money licence.
The investment will enable Salim to access Youtap’s full suite of e-money platforms. With access to millions of merchants, Youtap will enable these merchants to receive electronic payments from a range of consumer wallets, devices and payment methods, and provide these merchants with applications to manage inventory and supply chain payments.
“Salim’s global footprint in food, manufacturing and distribution coupled with their investments and vision in fintech and desire to be a leading e-money payments provider across multiple markets makes them an ideal partner and shareholder. We look forward to providing Salim with our full suite of payments solutions and applications, enabling them to become a leader in e-money payment acceptance across multiple markets,” said Youtap CEO and Founder Chris Jones.
Before its joint venture with Lotte, Salim Group last year took over e-commerce site Elevenia from SK Planet, who decided to make an exit from Indonesia after a four-year long venture with XL Axiata, one of Indonesia’s largest telco firms. XL Axiata also sold its shares in Elevenia to Salim.
The group has also launched co-working space BLOK71 in Jakarta in partnership with NUS Enterprise.