Oy, a Jakarta-based payment aggregator, has reportedly raised US$15 million in funding led by MUIP Garuda Fund, according to regulatory filings.

MUIP Garuda Fund is MUFG’s US$100 million venture fund focused on Indonesian startups.

Other investors include Capital Rich, Finnoventure Private Equity Trust, and Wishaw Holding Limited.

The transaction also involved a secondary share purchase worth over US$3 million by Glas Trust from Oy’s founders.

Oy provides payment services such as fund transfers, virtual accounts, QRIS, and card payments, connecting to more than 100 banks and e-wallets.

The company previously secured US$30 million in a series A round led by SoftBank Ventures Asia in 2021.

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🔗 Source: DailySocial

🧠 Food for thought

1️⃣ OY!’s funding aligns with Indonesia’s accelerating shift toward digital payments

OY!’s $15 million raise comes as Indonesia experiences rapid digitization of its payments landscape, with cash transactions dropping from over 70% in 2020 to 51% in 20251.

This shift creates substantial market opportunities for payment aggregators like OY!, as Indonesia’s digital payments market is projected to reach $115.34 billion by 2025, growing at 17.33% annually1.

The widespread adoption of QRIS payments, now accepted by over 30 million micro, small, and medium enterprises, provides a foundation for B2B payment solutions that OY! targets1.

With e-commerce expected to double from $94.5 billion in 2025 to $194.20 billion by 2030, payment infrastructure providers are positioned to benefit from increased transaction volumes across both consumer and business segments1.

2️⃣ New Indonesian regulations create compliance requirements that could reshape the competitive landscape

OY! operates in a newly regulated environment following OJK Regulation No. 4/2025, which established specific licensing and capital requirements for financial services aggregators2.

The regulation requires aggregators to maintain minimum paid-up capital of IDR 500 million (approximately $33,000) and caps foreign ownership at 85%2.

These regulatory changes mandate cooperation agreements with licensed financial institutions and impose cybersecurity requirements, potentially creating barriers for smaller competitors while legitimizing established players like OY!2.

The compliance framework also requires regular reporting to OJK and prohibits aggregators from engaging in fund collection activities, clearly defining their role as intermediaries rather than financial service providers2.

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