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DNFP acted as Indonesian counsel in a $28 million Series C funding for C88 Financial Technologies (Group) Pte Ltd

DNFP acted as Indonesian counsel in a $28 million Series C funding for C88 Financial Technologies (Group) Pte Ltd

16 August 2018

The Series C funding, said to be the largest in South-east Asia by media reports, was led by Experian, a global information services company based in Dublin. Other investors in the round included DEG, FengHe Fund Management, Fuchsia Venture Capital, InterVest, Kejora Ventures, Kickstart Ventures, Monk's Hill Ventures, Pelago Capital, responsAbility Investments AG, and Telstra Ventures. PFU is the first Indonesian financial technology aggregator company which has successfully closed a Series C investment through its offshore parent company.

DNFP advised on all Indonesian law matters related to the transaction, which includes amongst other things, responding to Indonesian law queries from the investors, advising the corporate structure of PFU and improving the terms of use and privacy policy of the CekAja.com website.

Agatha Simanjuntak Elis, CEO of PFU commented: "The DNFP team was flawless and efficient in helping the legal due diligence and closing of our series C investment round. We very much enjoyed working with the whole team, especially Chalid, Karina and Agung; their insights, expertise and thoughtful advice was invaluable and we look forward to continue working together for years to come."

The team was led by senior associates Agung Darmawan and Karina Antonio under the supervision of senior foreign legal consultant Noor Meurling and partner Chalid Heyder. Associates Roland Sunardi, Adinda Utami and foreign associate Sasha Bharwani also assisted with the transaction.

DNFP provided the advice to C88 Financial Technologies (Group) Pte Ltd in conjunction with Simmonds Stewart on Singapore law aspects and Picazo Buyco Tan Fider & Santos on Philippine law aspects. DLA Piper acted as the investors' legal counsel together with SSEK legal consultant as their Indonesian counsel.

Karina Antonio - Senior Associate, Indonesia : karina.antonio@dnfp.com

Agung Darmawan - Senior Associate, Indonesia : agung.darmawan@dnfp.com

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