Indonesia’s Go-Jek acquires three FinTech firms
Ride-hailing company Go-Jek, one of Indonesia’s fastest growing startups, has acquired three local FinTech firms in the aim of bolstering its position in the country’s digital payments market.
Go-Jek launched its epayment platform GoPay this year in the aim of capitalising on the Indonesian ecommerce market – a market that saw $7bn in spending this year according to Statista.
In the aim of further expanding within the industry, Go-Jek has acquired 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).
“We are now taking GO-JEK to the next stage,” said Nadiem Makarim, Founder and CEO, Go-Jek. “Through the acquisitions announced today, we will be working hand in hand with three likeminded companies who share our vision and ethos. This marks a significant development in our position at the heart of Indonesia’s vibrant FinTech industry.”
The total value of the deal remains undisclosed, however, according to Tech In Asia, the three companies process around $5bn of credit transactions, debit transactions and digital payments annually.
“The acquisitions will immediately accelerate the acceptance and market leadership of GO-PAY in the offline space through Kartuku as well as the online space through Midtrans, while also increasing financial inclusion for the unbanked through Mapan,” said Andre Soelistyo, President, Go-Jek.
“This approach to finance, implemented by leading home-grown Indonesian technology businesses within Go-Jek Group, will accelerate financial inclusion for millions of Indonesians and stimulate economic productivity throughout the country.”