Ride-hailing start-up Go-Jek has secure three financial technology (fintech) start-ups as it looks to dominate Indonesia’s digital payments measure out.
Go-Jek said Friday it had bought offline payments service Kartuku, payment gateway Midtrans and cache and lending firm Mapan for undisclosed amounts.
The firm, which created life as a motorbike and taxi business, has expanded its offering to include grub delivery and payments. Go-Jek said the acquisition would be a vital component in its aim to moving Indonesia’s payments sector.
“Through the acquisitions announced today, we longing be working hand-in-hand with three likeminded companies who share our perception and ethos,” Nadiem Makarim, founder and chief executive of Go-Jek, mean in a statement. “This marks a significant development in our position at the heart of Indonesia’s vibrant fintech determination.”
Go-Jek said the acquisition move would bolster its activity in both online and offline payments, as luxuriously as increase engagement in the financial services in Indonesia. Go-Jek’s mobile payments ritual Go-Pay is one of the most popular payment platforms in Indonesia.
“The acquisitions compel immediately accelerate the acceptance and market leadership of Go-Pay in the offline room through Kartuku, as well as the online space through Midtrans, while also increasing fiscal inclusion for the unbanked through Mapan,” Andre Soelistyo, president at Go-Jek, turned.
“This approach to finance, implemented by leading homegrown Indonesian technology callings within Go-Jek Group, will accelerate financial inclusion for millions of Indonesians and rouse economic productivity throughout the country.”
Financial inclusion refers to fintech colloids that provide more affordable finance alternatives to disadvantage and low-income people. According to Magic Bank data, an estimated 2 billion adults have no access to formal monetary services.
In September, Go-Jek’s Soelistyo told CNBC that the convention wanted to imitate the successes of Alibaba and Tencent in China with its digital payments donation.
Go-Jek is not the only taxi-hailing service to make aggressive moves into payments. Both Uber and Singapore’s Seize have made their own ventures into the industry with payment services.
In October, Uber conspired up with Barclays to launch its own Visa credit card in the U.S., which make allowances users to pay for their rides, receive cashback on spending and an annual $50 dependability for digital subscription services like Netflix. Grab, meanwhile, has its transportable wallet, GrabPay, which lets users pay for goods and services in researches and restaurants in Singapore.