Indonesian digital payments startup OY! Indonesia has bagged $30 million in Series A funding led by SoftBank Ventures Asia. Other investors that participated in the round include MDI, Temasek’s Pavilion Capital, AC Ventures, CCV, Wavemaker Partners, PT SAT, and Saison Capital.

Founded in 2018, OY! Indonesia offers products such as bulk disbursements, payment checkout, and payment collection services via SMS to banks and businesses. The startup said it connects financial institutions with businesses and individual consumers and claims to have one million active users currently.

In a statement, OY! Indonesia’s chief executive Jesayas Ferdinandus said the startup is now valued at more than $100 million.

“We thought that money movement not only represents a huge market opportunity but also improves financial inclusion across Indonesia. Therefore, we valued what OY! has built, financial infrastructure across multiple online and offline payment methods,” said Softbank Ventures Asia’s partner Cindy Jin in a statement.

OY! Indonesia’s competitor Xendit also received funding earlier this month, raising $150 million in Series C funding led by Tiger Global Management, which brought its valuation to $1 billion.

The funding into fintech companies in Indonesia and Southeast Asia comes as 70% of the Southeast Asian adult population is still underbanked and lacks access to affordable and responsible financial services, according to KPMG.

(Rachel Phua/DealStreetAsia)