The Indonesian fintech Achiko announced its plans to go public on the SIX stock exchange in a press release. The company reportedly intends to list 100 million shares directly. In Achiko’s last round of financing these were valued at a US$ 0.70 per share, which therefore puts the total valuation of the fintech at US$ 70 million.
Achiko offers payments services for people who do not have a bank account or credit card. As part of its offering, the company’s subsidiary Mimopay enables people to pay for digital gaming content and services via a range of payment channels, such as telecom billing, game vouchers and more. Mimopay currently has two million users in Indonesia. Achiko also intends to expand its payments platform in Vietnam, Myanmar and the Philippines.
Until now, Achiko has been privately owned. A company spokesperson told news agency AWP that the decision to go public on the Swiss stock exchange was made on account of the country’s buoyant fintech environment.