Indonesia digital payments startup DOKU raises $32 million from Apis Partners to accelerate growth
DOKU is Indonesia’s largest and one of the fastest-growing online payments providers in Asia. DOKU enables e-Commerce merchants to accept a wide range of online payment options, from credit cards to emerging payment types.
Today, DOKU announced it has raised $32 million in funding led by Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a London-based asset manager that supports growing financial services and fintech businesses. DOKU is Apis Partners’ first portfolio in Indonesia.
DOKU is a subsidiary of PT Elang Andalan Nusantara (EAN), which is a joint venture owned by Emtek and Alibaba. Based on Emtek’s financial report, PT Kreatif Media Karya (KMK) holds a 55% stake in EAN’s grandson. Then it is sold to a third party.
DOKU said it will use the fresh capital infusion to accelerate the development of a number of new offerings for businesses and consumers, as well as expand the company’s geographical reach in providing access to digital payments for the people of Indonesia.
Founded in 2007, DOKU earns the majority of its revenue by processing online payments for large and small businesses in Southeast Asia’s largest economy, one of the fastest-growing e-commerce markets worth an estimated $40 billion.
Founded in 2007 by Nabilah Alsagoff, DOKU partners with and connects directly to a large network of payment processors and other payment service providers to offer a one-stop solution for our clients – providing simplified electronic payment management.
At the time of launch, DOKU was the only digital payment player in Indonesia with the most complete payment license, starting from fund transfer, e-wallet, and e-money to customers. The company also has a remittance license, has worked closely with partners in neighboring countries to facilitate transfers between countries.
In a virtual press conference on Thursday, DOKU Co-Founder and COO Nabilah Alsagoff said, “We believe by supporting a company like DOKU, we will benefit from their proven experience. We see the collaboration with Apis Partners as a new chapter for DOKU and we are very excited to continue this partnership.”
In the last year alone, DOKU processed 47 million transactions with a total processed value of $2.9 billion on behalf of 800 businesses in Indonesia. Its clients include Garuda Indonesia, AirAsia, Guvera, Unicef, WWF, Java Jazz Production, RajaKarcis, Mulia Hotel, and Bank of South Pacific.
“We have invested in payments gateways in Africa and in other parts of Southeast Asia and India because we feel that the future is digital payments and these spur online transactions,” Matteo Stefanel, co-founder and managing partner at Apis said.