Oh! Collect 653 Billion Rupiah Funding, Become the Next Centaur

Platform fintech fund transfer service provider Oy! reportedly managed to raise series A funding with a total of up to $45 million or the equivalent of 653,4 billion Rupiah. Softbank Ventures Asia and MDI Ventures led the round with investors including Pavilion Capital, AC Ventures, Alfamart, Central Capital Ventura, Wavemaker Partners.

In addition to having been registered with the regulator, several parties close to this agreement confirmed the new round. The accumulation of the total funding is estimated to bring the company's valuation to $108 million. The entry of AC Ventures also brought one of the founding partners they are Pandu Sjahrir in the ranks board member Oh!

Previous round seed Oh! raised from 2017 to 2020, several investors involved including MDI Ventures, Wavemaker Partners, Pavilion Capital, and Central Capital Ventures.

Oh! Indonesia has several services, both for consumers and business people. On the B2C scene, they have the Oy! Indonesia to help users transfer funds between banks. Their capabilities too already includes remittances, allowing transfers between countries.

Then for businesses, they provide API services to facilitate transactions, both for sending and receiving funds. From our observations, by looking at the rate of development of existing features, Oy! Indonesia looks more serious in working on this B2B segment. Service potential open finance it is so impressive when business people are transforming and trying to provide efficiency in the financial transaction process on their platform.

In the interbank transfer feature for consumers, Oy! face to face with the Flip app. Specifically, we have done analysis related to the two platforms. The market share is quite large for this service, according to BI data throughout 2019, the volume of domestic transactions was recorded at more than 218,89 million with a nominal value of Rp. 84,47 trillion. The remittance business itself recorded 37,7 million transactions with a value of Rp90,67 trillion.

This service is also present to resolve the issue of interbank transfer fees. The inclusion of Alfamart as a strategic partner is also an interesting indication, especially regarding the potential of Oy! go to model online-to-offline (O2O) in peddling its services. This is in line with one of the visions fintech to serve people underbanked of which there are still many in Indonesia.