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

MUIP Garuda Fund is MUFG’s US$100 million venture vehicle dedicated to investing in Indonesian start-ups.

As reported by Daily Social, other participating investors include Capital Rich, Finnoventure Private Equity Trust, and Wishaw Holding Limited.

The deal also comprised a secondary share purchase worth more than US$3 million by Glas Trust from Oy’s founders.

Oy offers payment services including fund transfers, virtual accounts, QRIS, and card payments, with connections to over 100 banks and e-wallets.

The company had earlier raised US$30 million in a Series A round led by SoftBank Ventures Asia in 2021.

Featured image credit: Edited by Fintech News Indonesia, based on image by chainfoto24 via Freepik