The terms of the deal were not disclosed.
The acquisition, expected to be complete by the end of 2018, will add more profit and total sales of US$39 million to KinerjaPay, according to an official press note.
Edwin Witarsa Ng, Chairman and CEO of KinerjaPay, said: “This acquisition will transform KinerjaPay’s position in the market to become one of the leading mobile prepaid companies in Indonesia. With the current average transaction volume of more than 2 million transactions per month, MDU will contribute significantly to the total transaction volume and revenue to the company.”
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KinerjaPay is a digital payments company providing payment solution when shopping online on its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct money transfer.
The firm has plans to launch other e-commerce verticals, such as travel market, delivery services, and online gaming in the near future.
Started in 2007, MDU is a mobile prepaid top-up data package provider for all telco operators in Indonesia. It offers digital payment solutions for mini-market entrepreneurs, supermarkets, convenience stores, restaurants, workshops, and e-commerce sites.
The company claims to have achieved US$30 million sales, primarily by selling prepaid top-up balances and data plan for internet usage in 2017.
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