GoJek buys 3 fintech firms to boost place in Indonesian epayment market
Indonesian ride-hailing unicorn Go-Jek (which runs e-payment platform GoPay) has agreed to acquire three local fintech firms in Indonesia.
The company is hoping to expand in Indonesia’s growing digital payments market. This year, e-commerce spending amounted to $7bn in Indonesia according to Statista.
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The three companies acquired by Go-Jek in the deal are Kartuku (a leading offline payments processing company in Indonesia); Midtrans (Indonesia’s main online payment platform); and Mapan (a community-based saving and lending network).
The total value of the deal remains undisclosed.
According to Tech in Asia, Go-Jek and its three acquired companies currently process around $5bn per year, made up of credit transactions, debit transactions and digital payments among personal users, service providers and merchants.
According to Go-Jek’s founder and CEO Nadiem Makarim, the deal is taking Go-Jek to “the next stage”.
So far there three acquisitions are the largest by the billion-dollar start-up, which at the moment has southeast Asian ride-hailing giant Grab which currently dominates several e-payment markets.
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