Jan. 7, 2019
KinerjaPay Corp., an Indonesia-based digital payment and e-commerce platform, has reached a deal with PT.Investa Wahana Group to invest $200 million to fund its peer-to-peer lending operations and future acquisitions and strategic investments.
The Wahana Group investments will also be used to buy back KinerjaPay stock on the open market, according to a press release. The company is publicly traded in the U.S.
KinerjaPay Chairman and CEO Edwin Witarsa Ng said the agreement, which closes in 10 days, will help accelerate the company's growth plans in 2019 as it evaluates certain acquisitions and strategic investments.
"In 2019 the company will expand into prepaid mobile business, P2P lending, mobile payment solutions, online gaming and e-commerce services initially in Indonesia's growing economy and expanding in SE Asia," he said in the release.
He added the company plans to make additional investments in related industries in other countries.
Under the agreement, Wahana Group will subscribe for $100 million in the company's Series F shares and $100 million in shares of its Series G convertible preferred stock.
Topics: Money Transfer / P2P, Region: APAC
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