The Indonesian fintech startup backed by Ant Financial, Dana, is looking for new investors to increase its user numbers, which is currently at 20 million. For continuing expansion, it seeks to use the funds raised to add as many users as possible from among the 150 milion smartphone users in the country.

The Indonesian fintech startup offers services such as QR code-based transfers and online credit card transactions, making it popular among smartphone users. Dana is the only Indonesian fintech startup that Ant Financial, owned by Chinese billionaire Jack Ma, has invested in.

Vincent Ishwara, the Chief Executive Officer of Espay Debit Indonesia, operator of Dana, states that the majority of its users are millennials and that they are currently working towards being on every smartphone in Indonesia. He has also stated that they are searching for a partner who can bring in strategic value to what they do and are not concerned about the financial aspects since the company has enough funds to run its operations.

Elang  Mahkota Teknologi, an Indonesian media company, is another major investor in Dana. The Indonesian fintech startup has about 500 employees, mostly engineers, at its Jakarta office. The CEO also revealed plans of build offices in cities like Bali. According to McKinsey Global Institute, Indonesia being home to around 210 million people, has the potential to add another 90 million smartphone users by 2030, making it a huge market for fintech startups like Dana.