OnlinePajak, the first online platform for serving tax payment in Indonesia has just received its Series B funding worth more than $25 million. The investment is led by Warburg Pincus, a global private equity, followed by Global Innovation Fund (GIF), Endeavour Catalyst, as well as previous investors of OnlinePajak such as Alpha JWC Ventures, Sequoia India, and Primedge.
“Having series B funding coming from notable equity company validates our business model. With this new investment, we will reform tax obedience by utilizing technology such as artificial intelligence (AI) and blockchain. We plan to expand our capability in supporting tax obligations, and help opening business in Indonesia easier by supporting Direktorat Jenderal Pajak,” says Founder & CEO of OnlinePajak, Charles Guinot , as quoted in a statement.
Further, OnlinePajak has also built solid and integrated freemium business model, where users can process their tax payment with premium features such as invoicing and payroll function, all without any charged fees. Through these new features and simplification of tedious tax payment process, OnlinePajak encourages Indonesians – from individual to corporates – to fulfill their responsibility in paying taxes; and at the same time plans for its innovations to keep on supporting the nation’s digital ecosystem.
OnlinePajak was launched in 2015 and received series A funding in late 2017, led by Alpha JWC Ventures. It is the first tax payment application that implements blockchain technology, and it helps to calculate, deposit, and report tax. It has so far reached 900 thousand users which includes big companies such as national airline Garuda Indonesia, network provider Telkomsel, Asuransi Sinarmas, to one of Indonesia’s unicorns Tokopedia. OnlinePajak was awarded ‘Innovator Award’ by Forbes Indonesia in the magazine’s first digital conference held in early October 2018, after also being hailed among 61 Technology Pioneer awardees by World Economic Forum in mid-2018.