Best Fintech Apps and Services for E-Commerce Business

Written by
Ekky Pramana
Last Modified on
May 30, 2024

Choosing the right financial application can be a key factor in your e-commerce success. In this article, we will discuss some of the best financial applications that are relevant to the unique needs of the Indonesian e-commerce market. From extensive payment solutions, bookkeeping software to advanced transaction management, you will find a comprehensive guide to help you choose the right financial application for your business needs. Let's explore these innovative solutions and see how they can enhance the performance and growth of your e-commerce business.

The history of e-commerce in Indonesia

E-commerce in Indonesia started in the 2000s with the presence of a few online stores focusing on electronic goods, as well as the rise of online forums like KasKus that introduced buy-sell groups (FJB) for users. However, rapid growth occurred in the 2010s with the emergence of major e-commerce platforms such as Tokopedia, Bukalapak, and Lazada, expanding the range of products available online while introducing the products to a bigger market.

In the following years, the development of internet infrastructure and the increasing availability of smartphones throughout the country became significant drivers of e-commerce growth. This led millions of Indonesian consumers to shift towards online shopping, both for everyday needs and exclusive products.

Support from various logistics companies and increasingly innovative payment methods has allowed e-commerce to grow rapidly, making it a crucial sector in Indonesia's economy. This opportunity has driven the emergence of various modern financial solutions and fintech services in Indonesia to support this vast market.

The importance of financial apps and services for e-commerce businesses

In the dynamic and competitive world of online business, financial applications play a pivotal role in achieving success. Firstly, financial applications offer convenience in managing business transactions and revenue. With the right tools, businesses can track every transaction, handle payments, and efficiently manage inventory.

Financial applications also facilitate a variety of payment options for customers. By integrating various payment methods, e-commerce businesses can reach a broader customer base, including the Indonesian market, which tends to be sensitive to transfer fees. This not only increases sales potential but also creates a better shopping experience, ultimately enhancing customer loyalty.

Furthermore, financial applications provide valuable data and analysis to e-commerce owners. This information can be used to understand consumer behavior, sales trends, and overall business performance. With a better understanding of this data, e-commerce owners can make smarter decisions to grow their businesses.

List of popular financial apps and services for e-commerce businesses in Indonesia

Choosing the right financial applications is a key step towards success. Indonesia, with its large population and rapidly growing e-commerce market, offers an attractive opportunity for founders, leading to the emergence of financial service providers trying to come up with financial solutions to everyday problems. In this segment, we will explore several popular financial applications that have established themselves as trusted partners for e-commerce business owners in the country.

From innovative payment solutions to efficient transaction management tools, this list will help you understand the diverse options available to develop your e-commerce business in Indonesia. Let's begin by delving into this fascinating and relevant world of financial applications.

Aspire: an all-in-one solution for e-commerce business financial management

Aspire is a leading fintech company in Southeast Asia, serving over 15,000 companies  worldwide. Aspire offers a range of solutions designed to help manage your company's finances, with various features such as:

  • Modern business accounts that assist you in overseeing, managing, and monitoring all your business's financial activities through a single application.
  • Virtual debit cards for business payments, with the ability to issue multiple virtual debit cards at once, each with different spending limits for various transaction needs, effectively reducing the risk of overspending.
  • Financial management tools for expense management, along with sending and receiving local and international transfers easily and quickly.
  • A payment gateway platform to accept payments from websites with multiple payment options
  • Any other features  that you can learn more about here.


Midtrans is a payment gateway platform that has proven itself as one of the leading financial service providers for e-commerce in Indonesia. With various outstanding features such as easy integration, diverse payment options, and a high level of security, Midtrans helps e-commerce business owners deliver a smooth and secure shopping experience to their customers. With the assistance of Midtrans, e-commerce businesses can accept payments through various methods, including credit cards, bank transfers, and popular digital wallets like GoPay and OVO. This expands the market reach and boosts sales conversions while ensuring secure transactions.


Xendit is one of the leading financial applications that has transformed the way e-commerce businesses operate in Indonesia. Similar to Midtrans, Xendit provides convenience and efficiency for e-commerce business owners to integrate various payment methods and related financial services into their websites. This service allows e-commerce to easily accept online payments, including credit card payments, virtual accounts, and various popular digital wallets in Indonesia. Additionally, Xendit offers billing management tools that assist e-commerce in financial management and optimizing cash flow.


Akulaku is a financial service that has been operating since 2014. One of the standout features of Akulaku is its ability to provide a wide range of comprehensive financial services, including consumer loans, installment plans, and flexible payment options.

For e-commerce, Akulaku is a valuable partner by offering financing to customers who want to shop online without the need to pay a large upfront amount in cash. This not only opens up access to more people for online shopping but also boosts sales for e-commerce merchants by providing easy and affordable payment options for consumers.


Dana is one of the financial applications that has experienced rapid growth and significant popularity in Indonesia. This application serves as a digital wallet that allows users to perform various transactions, including online payments, money transfers, buying mobile credit, and much more.

Dana has become one of the integrated payment methods on many e-commerce platforms in Indonesia, making it easier for consumers to shop online. User security and convenience are top priorities for Dana, making it increasingly favored amid the rapid growth of e-commerce in the country.


Flip is a financial technology company in Indonesia that provides money transfer-based financial solutions. To date, Flip has served more than 12 million users and 800 companies, including SMEs (Small and Medium-sized Enterprises). Flip offers features such as interbank transfers, free e-wallet top-ups, international money transfers, purchase of mobile credit, data packages, prepaid/postpaid electricity, and other products.

For e-commerce businesses, Flip also offers transaction management solutions that cater to the needs of sending and receiving local and international transfers at low costs.


Moka is a Point of Sale (POS) solution that assists e-commerce businesses in managing inventory, handling transactions, and providing various payment options. With these features, Moka simplifies the operations of e-commerce businesses and enhances the transaction experience for customers. Additionally, Moka offers in-depth data analysis to help e-commerce businesses make better decisions for their growth.


Kredivo is one of the "Buy Now, Pay Later" (BNPL) service providers that allows e-commerce customers to make purchases and pay in installments over an agreed-upon period. E-commerce businesses can utilize it by integrating Kredivo as one of the payment options on their websites. This not only can boost buyer interest by attracting customers who prefer flexible shopping but also enhances customer loyalty, as they find it easier to shop at your store. With Kredivo's feature, e-commerce businesses can provide a more convenient and affordable shopping experience for their customers.


GoPay is one of the leading digital wallets in Indonesia, offering convenience for consumers to make payments at online and offline merchants and pay various bills. E-commerce businesses can leverage it by offering GoPay as one of the payment options to their customers. This allows customers to make quick and easy payments through the GoPay app, improving payment process efficiency.

Moreover, GoPay often provides promotions and cashback offers, which can be an additional attraction for customers. With GoPay integration, e-commerce businesses can increase sales, enhance customer retention, and provide a more convenient and appealing shopping experience.


Xero is an accounting and financial platform that provides significant benefits to e-commerce businesses. With Xero, e-commerce businesses can manage their finances more efficiently, automate accounting processes, and gain deep insights into their performance. This helps business owners save valuable time and resources that can be used to grow their businesses.

Furthermore, Xero allows e-commerce to easily track income, expenses, and inventory. This aids in profit and loss monitoring and more efficient inventory management. With robust integration, Xero can also work with the e-commerce platforms used, allowing transaction data to be automatically synchronized into the accounting system.

Other benefits include the ability to send invoices, track payments, integrate with other software, and manage taxes more efficiently. All of these aspects help e-commerce businesses stay focused on their growth without having to worry too much about complex financial matters. With Xero, e-commerce businesses can reap significant benefits in terms of more efficient, accurate financial management that supports sustainable business growth.

Important factors for e-commerce businesses to consider when choosing financial services and apps

When selecting financial applications and services for e-commerce businesses, there are several crucial factors that need careful consideration. Firstly, technical compatibility is key. Ensure that the chosen application can be easily integrated with your e-commerce platform, allowing you to efficiently manage transactions, inventory, and financial data.

Secondly, consider costs and fee structures. Make sure you understand all associated fees, including transaction fees, subscription costs, and any additional charges. Compare rates from multiple providers to ensure you get the best value for your business needs.

Security is another factor that cannot be overlooked. Ensure that the financial application you choose has robust security measures in place to protect your financial data and customer information.

Furthermore, evaluate the features offered. Does the application have the features you need, such as integration with the payment methods your customers use, inventory management tools, analytical reports, and responsive customer support?

Lastly, consider scalability. Ensure that the applications and services you choose can grow with your business. You don't want to be stuck with a solution that cannot accommodate your business's future growth.

By carefully considering all these factors, you can select financial applications and services that best suit the needs of your e-commerce business, helping you optimize operations and achieve greater success.

We recommend you to try Aspire as your go-to financial management solutions as we provide a comprehensive set of financial management features and services–from business account, payment gateway, local and international transfers, to payables and receivables management– making it easier for you to manage your e-commerce business finances conveniently, securely, and in a modern way. Sign up today.

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About the author
Ekky Pramana
is a seasoned writer specialising in business finance and management. With a writing history at Tech in Asia, Teknoverso, and various other publishers, he leverages his market expertise to empower and educate first-time founders in managing their businesses better.
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