KinerjaPay rockets after Wahana Group initiates $100M fund transfer as part of equity investment

KinerjaPay Corp (OTCMKTS:KPAY) stock rocketed Monday after the digital payment and e-commerce platform, announced that PT Investa Wahana Development initiated a SWIFT transfer for $100 million as part of its equity investment.

The proof of the banking instrument transmission has been received, said Delaware-based KinerjaPay in a statement.

In response, KinerjaPay shares jumped more than 37.1% to $0.74 in midday trade in New York.

As previously announced, the Wahana Group has signed up for $200 million in Series F and  Series G convertible preferred stock. 

The initial delay in securing the funding since KinerjaPay reported the Wahana Group’s subscription for the preferred stock in January stemmed from the complexity of US federal banking regulations which make it challenging to accept $200 million in funding from an Indonesian-based investor.

READ: KinerjaPay gets Wahana Group’s ‘firm’ commitment on $200M equity investment

The company said it views this as “the beginning of the completion of Wahana’s subscription agreement over the near term,” and is confident that the funding deal by the Wahana Group will soon close.

On a separate note, KinerjaPay Corp told investors it has submitted documents for the directors of PT Kinerja Simpan Pinjam, a fully-owned subsidiary, as part of a key requirement for the company to obtain a peer-to-peer license in Indonesia.

The company is currently in full compliance with the regulations set by OJK, or the Financial Services Authority of Indonesia that supervises the capital markets in Indonesia. The company said it will start its lending operation within 30 days and expects it to grow into a mainstream product line.

The American company, which started in Indonesia, is ready to grow its South-East Asian digital payments and microloans business while evaluating potential acquisitions over the next 12 months.

KinerjaPay’s services include the company’s KinerjaPay IP digital payments and e-wallet system (KPAY) and KinerjaFund (KFUND) microloan service. KinerjaPay’s focus is on regions with large un-banked and under-banked populations, and areas with minimal use of traditional credit cards.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors