JAKARTA, Indonesia, Aug. 23, 2017 /PRNewswire/ -- Pundi-Pundi, a fast-growing mobile payments and micro-loan startup aiming to create a cashless environment in South East Asia, announced today closing a pre-A round of funding of USD 4 million. The Company plans to use the funds to fuel the growth of its user base and merchant partners in its home base of Jakarta, and prepare expansion to other South East Asian markets. The funding will also support Pundi-Pundi's growing micro loan business allowing users in the region to have fast access to funds.
Investors in the round include a major public listed technology company in Greater China. Pundi-Pundi was bootstrapped in an angel round of USD 2M in January 2017.
Pundi-Pundi, which means "wallet" in Bahasa, aims to boost the development of a cashless environment and access to micro loans in a region that still lacks easy access to cash, on a model pioneered by Alipay in China 10 years ago. Less than 30% of the population in Indonesia owns a debit card for example, making the ability to pay via scanning a QR code with a smartphone app a life-changing process.
Founded in Jakarta, Indonesia by 29-year-old serial entrepreneur Danny Lim, Pundi-Pundi already counts 60 employees in between Jakarta for business development and Shenzhen, China, for R&D with plans to bring the team to 100 by the end of the year.
Pundi-Pundi has already partnered with over 500 merchants, shops and canteens since launch in February 2017, allowing their more than 20,000 Android and iOS daily users to make transactions effortlessly with their smartphone. Merchants also enjoy added value services by accepting payments via the Pundi-Pundi application, including the possibility to push marketing campaigns and promotions directly to the user's phone, as well as collecting valuable data on visitor preferences and information.
"Pundi-Pundi offers an easier solution to the tens of millions of people in South East Asia that have limited access to cash," said Danny Lim, co-founder of Pundi-Pundi, "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".
Pundi-Pundi plans to bring its mobile payment solution to other markets in the region from early 2018, starting with Singapore and Malaysia at the beginning of the year, followed by Thailand and Vietnam in the 2nd half of the year.
Pundi-Pundi is a fast-growing mobile payments and micro-loan startup aiming to create a cashless environment in South East Asia. The mobile application developed by Pundi-Pundi, which means "wallet" in Bahasa, connects 100,000 registered users in Indonesia with over 500 merchants already, allowing users to make transactions with their smartphone when paying for services or goods from the merchants. Pundi-Pundi was founded in January 2017 in Jakarta, Indonesia, by entrepreneur Danny Lim and plans to cover major markets in South East Asia by end-2018. www.pundi-pundi.com
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