What LinkAja does

LinkAja is an Indonesian server-based electronic money and digital wallet platform operated by PT Fintek Karya Nusantara (Finarya), a consortium of 10 state-owned enterprise (BUMN) affiliates led by Telkomsel as controlling shareholder. The platform serves mass-market Indonesian consumers across two tiers — Basic Service (max balance Rp 2 million, monthly transaction cap Rp 20 million) and Full Service (max balance Rp 20 million, monthly transaction cap Rp 40 million) — with Full Service unlocked via e-KYC facial-recognition verification. Core capabilities include QRIS-based merchant payments, peer-to-peer transfers, bank-account transfers via Himbara (Mandiri, BRI, BNI, BTN), transportation payments (KRL, MRT, LRT, Transjakarta, Grab, Gojek, Bluebird), utility bill payments (PLN, PDAM, BPJS, internet/cable/insurance), and a separate Sharia-compliant product (LinkAja Syariah) certified under DSN MUI Fatwa No. 116/DSN-MUI/IX/2017 with funds custodied at Bank Syariah Indonesia.

The company monetizes through transaction fees on transfers and cash withdrawals, an Rp 5,000/month e-Statement subscription after trial, mgames token sales at Rp 5,000 per token, merchant fees, and a LinkAja Business Solution unit providing bulk payment, payroll, PPOB, and Payment Gateway API services to enterprise clients such as TELKOM Indonesia, Telkomsel, PLN, SIG, First Media, and Bluebird. Distribution combines app-store-driven consumer acquisition with QRIS merchant acceptance, Himbara ATM top-ups, minimarket outlets, and direct enterprise sales for the Business Solution. Finarya is registered with and licensed by Bank Indonesia as an Electronic Money Issuer and Fund Transfer Operator (Category I), and LinkAja became profitable in late 2023 after restructuring.

Ownership blends Indonesian SOE control (Telkomsel, BRI, Mandiri) with strategic private-sector shareholders Grab and GoPay/Gojek (PT Dompet Karya Anak Bangsa) following a $100 million Series B round in 2020-2021 led by Grab, and a subsequent strategic investment from Mitsui & Co., Ltd. in March 2024 — the first investment from a global corporation. LinkAja also operates a wholly-owned agricultural P2P lending subsidiary (iGrow Resources Indonesia, acquired April 2021) and an in-app gaming rewards platform (mgames), with broader embedded-finance expansion into insurance, mutual funds, and micro-lending referrals through its LinkAja Finansial module.

Name

LinkAja

Legal name

PT Fintek Karya Nusantara

Website

https://linkaja.id

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

LinkAja is an Indonesian digital wallet and e-money platform operated by PT Fintek Karya Nusantara (Finarya), a consortium of state-owned enterprises led by Telkomsel. It serves mass-market Indonesian consumers, micro-merchants, and enterprises via QRIS payments, bill payment, transfers, and a Sharia-compliant variant.

Ownership category

akta.pro rank

Product category

Digital Payments

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Services-Management Services (8741)

akta.pro primary industry

General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)

akta.pro secondary industry

P2P Transfers & Remittances Platforms (BPAMAFAE)

Keywords

• Digital wallet payments
• Electronic money services
• QRIS payment platform
• Sharia-compliant payments
• Mobile payment app

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. Transaction Fees: LinkAja charges transaction fees for specific services including fund transfers to bank accounts and cash withdrawals. Transfer fees are charged by partner banks or Finarya intermediaries with prior confirmation. E-wallet transactions may incur fees from cooperating banks per their respective policies.
2. e-Statement Subscription Fee: After a free trial period, customers are charged Rp 5,000 per month for e-Statement services, which provides monthly transaction history records accessible through the app.
3. Bulk Payment / Business Solutions: LinkAja Business Solution provides integrated financial management services (Payroll, Allowance) for corporate clients, generating revenue through transaction processing fees for mass disbursements and bill payments.
4. Merchant Network & Promotions: LinkAja earns revenue through partnerships with merchants and corporate partners, facilitated by promotional programs that drive transaction volume across its network of retail, F&B, transportation, and utility payment services.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels9 records

Core offering

LinkAja is an Indonesian server-based electronic money (e-money) and digital wallet service operated by PT Fintek Karya Nusantara (Finarya), registered with Bank Indonesia as an Electronic Money Issuer and Fund Transfer Operator (Category I). The platform enables consumers and merchants to make QRIS-based payments, peer-to-peer transfers, utility bill payments, transportation payments, and cash-in/cash-out via Himbara ATMs, available in Basic and Full Service tiers and including a Sharia-compliant variant (LinkAja Syariah) certified by DSN MUI.

Product overview

LinkAja is an Indonesian digital payment platform operated by PT Fintek Karya Nusantara (Finarya), a consortium of state-owned enterprise (BUMN) affiliates including Telkomsel. The platform consists of the core LinkAja digital wallet (with Basic Service and Full Service tiers), the Sharia-compliant LinkAja Syariah sub-brand, LinkAja Business Solution (encompassing Bulk Payment, Payment Gateway, and PPOB modules for corporate clients), Mitra LinkAja (merchant partner app with QRIS, Mini POS, and PPOB features), MGames (in-app gaming rewards platform), LinkAja Berbagi (ZISWAF charitable giving feature), and a financial services module covering investments, micro-lending referrals, and insurance. The ecosystem is supported by integrations with QRIS, major banks, merchant chains (Alfamart, Indomaret, KFC, McDonald's, Pertamina), financial service providers (Bibit, insurance companies), e-commerce platforms (Tokopedia, Bukalapak, Blibli), and ride-hailing services (Grab, Gojek, Bluebird). LinkAja also offers an E-Wallet feature linking to bank APMK cards and an e-Statement service for transaction records.

Differentiator

Problem solved

Functional benefit

Brands

• LinkAja Syariah: Sharia-compliant electronic money service under LinkAja, certified halal by Bank Indonesia and DSN-MUI, managed under Qard contract scheme.
• mgames
• LinkAja Business Solution
• Mitra LinkAja

Products and services

• LinkAja (Digital Wallet) Server-based electronic money and digital wallet app enabling Indonesian consumers to pay for transportation, utilities, merchant purchases, mobile top-ups, and peer-to-peer transfers via QRIS. Available in two tiers (Basic and Full Service) with Full Service enabling cash-out and inter-bank transfers.
• LinkAja Syariah Sharia-compliant digital wallet variant offering halal-certified transactions, Zakat/Infaq/Wakaf donations, Hajj/Umrah planning, and Sharia-compliant investment features, managed under Fatwa DSN MUI No. 116/DSN-MUI/IX/2017 using a Qard contract scheme with user funds held at Bank Syariah Indonesia (BSI).
• LinkAja Business Solution Corporate financial management solution for enterprises offering real-time digital payroll and allowance disbursement, bulk payment processing, PPOB services, and a Payment Gateway API for integration. Used by TELKOM Indonesia, Telkomsel, SIG, PLN, First Media, and Bluebird.
• Mitra LinkAja Merchant partner application enabling micro and small businesses (warungs, UMKM) to accept QRIS payments, provide PPOB bill payment services, manage digital sales records through Mini POS, and access automatic balance disbursement.
• LinkAja Payment Gateway Payment Gateway API offered to merchant partners to integrate LinkAja payment processing, enabling real-time bill and utility payments, QRIS acceptance, and digital payment processing.

Quantifiable outcome

• Profitable in late 2023
• +3 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

AI capability2 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered strategic, core and minor.

• iGrow Resources IndonesiastrategicStrategic or Co-development Partner · 30 April 2021LinkAja acquired iGrow Resources Indonesia, an agricultural P2P lending startup operational since 2014 that provided funding to over 10,000 farmers. The acquisition aims to strengthen iGrow's position as a leading agricultural P2P platform and enhance digital financial services adoption in Indonesia.
• Bank Syariah Indonesia (BSI)coreTechnology or IntegrationLinkAja Syariah user funds are managed at Bank Syariah Indonesia (BSI), where Finarya deposits customer funds as giro deposits under the Qardh Islamic finance structure. BSI serves as the underlying banking partner for Sharia-compliant fund management.
• BAZNAS (Badan Amil Zakat Nasional)coreGTM or Marketing PartnerBAZNAS is a key partner for LinkAja's donation and Zakat collection services, enabling users to pay Zakat through the platform with funds channeled to the national Zakat agency.
• KNEKS (Badan Koordinasi Ekonomi Kreatif)strategicStrategic or Co-development PartnerKNEKS collaborates with LinkAja to support the development of the Sharia digital economy ecosystem in Indonesia, working together with various stakeholders including government ministries.
• Ammana (Islamic Fintech Ecosystem)minorStrategic or Co-development PartnerAmmana is an Islamic fintech ecosystem partner collaborating with LinkAja to develop Sharia-compliant digital financial services.
• PT Indonesia Digital Identity (VIDA)coreTechnology or IntegrationVIDA serves as LinkAja's electronic certification partner for biometric identity verification (facial recognition), verifying customer identity data against government databases and issuing electronic certificates for LinkAja's e-KYC process.
• Dompet DhuafaminorGTM or Marketing PartnerDompet Dhuafa is a charitable foundation partner for LinkAja Berbagi donation programs, enabling users to channel Zakat, infaq, and sedekah through the platform.
• Yayasan Berbagi Bahagia (Sharing Happiness)minorGTM or Marketing PartnerSharing Happiness serves as the primary partner for LinkAja Berbagi program management, operating as a digital social collaboration hub with official authorization from relevant government and religious authorities.
• LAZ Rydha (Rumah Yatim Dhuafa)minorGTM or Marketing PartnerLAZ Rydha is a Zakat, infaq, and sedekah management foundation focused on orphan welfare, dhuafa empowerment, and noble character development, partnering with LinkAja Berbagi for donation collection.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• GoPay: Indonesia's leading super-app-embedded digital wallet from Gojek/Tokopedia. Direct competitor in consumer QRIS payments, transfers, and bill payments, and notably also a LinkAja shareholder via PT Dompet Karya Anak Bangsa, intensifying competitive overlap.
• OVO: Major Indonesian e-wallet originally backed by Lippo and Grab. Competes head-to-head with LinkAja across QRIS payments, merchant acceptance, and consumer-to-consumer transfers in urban Indonesia.
• DANA Indonesia: Jakarta-based digital wallet offering QRIS payments, transfers, and merchant services. Targets similar mass-market and Sharia-conscious segments, competing directly for user adoption and merchant acceptance.
• ShopeePay: E-commerce-anchored wallet from Shopee, deeply integrated with one of Indonesia's largest marketplaces. Competes with LinkAja for online/offline QRIS payments and consumer wallet primacy.
• Jenius (BTPN): Digital banking/wallet service from Bank BTPN targeting urban professionals. Overlaps with LinkAja's Full Service tier in transfers, bill payments, and savings features.
• Sakuku (BCA): Bank-issued e-wallet from Indonesia's largest private bank, BCA. Competes in basic e-money, QRIS payments, and bill payment categories for the same consumer base.
• iSaku (Bank Mandiri): State-owned Bank Mandiri's e-wallet with QRIS-based payments. Competitively relevant given Bank Mandiri's mutual investment via Mandiri Capital in LinkAja.

Emerging players

• AstraPay: Digital payment arm of the Astra conglomerate, growing rapidly in QRIS acceptance and merchant disbursements. Comparable in B2B disbursement and merchant-services orientation.

Regional players

• GCash: Philippines' leading e-wallet from Mynt/Globe Telecom. Comparable mass-market digital wallet model in a Southeast Asian peer market, useful proxy for regional scaling strategies.
• Touch 'n Go eWallet: Malaysia's dominant e-wallet with QR-based payments, transit integration, and merchant services. Comparable as a Southeast Asian multi-rail digital wallet expanding beyond its home market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/linkaja
• YouTubeyoutube.com/channel/UCVoM8DZXOxCSu2PWwxVQh5Q
• Facebookfacebook.com/linkaja.indonesia
• LinkedInlinkedin.com/company/linkaja
• Instagraminstagram.com/linkaja/?hl=id

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LinkAja