Ant-Backed Startup Dana Bags $250 Million From Sinar Mas, Alibaba

(Bloomberg) — Dana, one of Indonesia’s biggest digital wallet providers, has raised $250 million from local conglomerate Sinar Mas and Alibaba Group Holding Ltd.’s Lazada Group to expand in its home country.

The 5-year-old company will use the funds to invest in new tech and roll out more financial services in one of the world’s fastest-growing fintech markets, Chief Executive Officer Vince Iswara told Bloomberg News. The value of digital payments in the country has already exceeded both credit and debit card transactions in Indonesia, according to Bank Indonesia data.