Heaptalk, Jakarta — LinkAja secured an undisclosed amount of its strategic investment from Mitsui & Co., Ltd. This funding will strengthen LinkAja’s ecosystem and business strategies, including collaboration with the company’s SOE shareholders.
“We believe in strategic partnerships with other partners, including global players such as Mitsui. This company has invested in diverse Indonesian industries, so they have a large and different ecosystem. We believe that Mitsui’s strategic investment will mutually benefit us, our customers, and stakeholders, as well as the development of the fintech industry in the country,” affirmed LinkAja’s Chief Executive Officer, Yogi Rizkian Bahar.
LinkAja has demonstrated robust performance amid the global tech winter by strengthening its focus on B2C to B2C and B2B2C, mainly in the SOE ecosystem. For B2B business, the company has a digitalized payment system in its Telkomsel traditional supply chain, which currently contributes about 20% to its revenue.
Through pivoting its business model and cost efficiency strategies, LinkAja has also achieved business improvements, with positive EBITDA for two consecutive quarters at the end of 2023. On the other hand, LinkAja also achieved efficiency by reducing marketing cost components by more than 80% YoY in August 2023.
This year, LinkAja will continue to focus on synergizing with the SOE ecosystem. The company claimed that Mitsui’s investment will unlock opportunities for both in combining their various potentials to revive Indonesia’s digital economy.
To strengthen its strategic role as a payment platform, LinkAja launched the loyalty Points Exchange Program within the SOE ecosystem through AKHLAK Point and reinforced its position in the disbursement incentive program for several SOEs.
Multiple SOE enterprises incorporated in this program, spanning PT Telekomunikasi Selular (Telkomsel), PT Pertamina Patra Niaga, PT Garuda Indonesia, PT Bank Negara Indonesia, PT Bank Rakyat Indonesia, PT Bank Tabungan Negara, and PT Bank Mandiri.
In response to this investment, the President Director of Mitsui Indonesia, Shinichi Kikuchihara, admitted, “As society continues to digitalize, we are also growing our focus on the value of digital economy, including digital finance in Indonesia. As a company with strong business fundamentals and shareholder ecosystem, we believe that Mitsui and LinkAja together can contribute to Indonesia’s digital finance industry.”
