Pundi-Pundi plots expansion after raising $4M - Mobile World Live

Pundi-Pundi plots expansion after raising $4M

24 AUG 2017

Indonesian mobile money start-up Pundi-Pundi detailed plans to grow its range of services and establish a base for expansion into other Southeast Asia markets, after securing $4 million in pre-Series A funding.

The company said a major publicly listed Chinese technology company was among the investors in the financing round. Pundi-Pundi will use the funds to expand the number of merchants on its books in Indonesian capital city Jakarta, and to provide a micro-loan service.

Pundi-Pundi was established in January, and opened for service in February backed by $2 million in angel investment. To date, it established partnerships with over 500 merchants, shops and canteens, and built a daily user base of 20,000 Android and iOS smartphone users.

In a statement announcing the pre-Series A funding, the company said its goal is to help deliver a cashless society in Indonesia, a market where it notes less than 30 per cent of the population have a debit card. It cited China-based Alipay’s QR code-based mobile payment system as a model example of the kind of service it aims to deliver.

“Pundi-Pundi offers an easier solution to the tens of millions of people in Southeast Asia that have limited access to cash. Our app also allows users from all socio-economic backgrounds to benefit from micro-loans, improving the lives of everybody in the society, not only the more affluent,” co-founder Danny Lim said.

The company plans to expand into Singapore and Malaysia in early 2018, followed by Thailand and Vietnam in H2 2018.


Michael Carroll

Michael doesn’t want to admit that he has been a journalist and editor for close to 20 years covering a diverse set of subjects including shipping and shipbuilding, fixed and mobile telecoms, and motorcycling...More

Read more