Indonesia’s Go-Jek Acquires Three Fintech Startups

Photo via Tech in Asia

Indonesia’s answer to Uber, Go-Jek, has bought three fintech startups as it attempts to establish itself as a major digital payments player. The company has acquired offline Kartuku, a payments processing outfit; Midtrans, an online payments gateway; and Mapan, a lending network for amounts that are undisclosed.

Established in Jakarta in 2015 as a motorbike taxi hail-riding service, Go-Jek has extended to four-wheel services, and it now claims weekly active users of 15 million.

The company has also established an abundant digital wallet business, working with over 125,000 merchants and processing more than 100 million transactions per month.

The new acquisitions are intended to assist Go-Jek to create a full payment ecosystem for SMEs, banks, consumers, and drivers that are both banked and unbanked.

The president of Go-Jek, Andre Soelistyo, stated: “The year 2018 will be the year that Go-Pay will expand beyond the Go-Jek ecosystem, providing secure, convenient, easy and reliable payment services both offline and online.”

Earlier in 2017, Grab, its rival Southeast Asian ride-hailing app, bought Kudo, an Indonesian digital payments outfit, in a deal that is rumoured to be worth up to $100 million.