Passenger transport service Go-Jek, Indonesia’s first billion-dollar technology startup, has agreed to accumulate three local fintech firms because it seeks to extend its grip on the digital payments market.
The transaction involves Kartuku, a number one offline payment processing company in Indonesia; Midtrans, recognized as the very best online payment gateway within the country; and Mapan, an area savings and loan network, Go-Jek announced in a press release today. The company doesn’t wish to disclose the worth of the transaction.
E27 reports, following the deal, the CEOs of every of the three acquired firms will take up senior management positions inside the Go-Jek group, with Mapan’s Aldi Haryopratomo to steer Go-Pay, Midtrans’s Ryu Suliawan to move the group’s commerce platform and Thomas Husted Kartuku takes over the position of monetary director of the Go-Jek Group.
Collectively, Kartuku, Midtrans and Mapan process nearly $5 billion in debit card, bank card and digital wallet transactions for his or her users, service providers and merchants.
The passenger transport giant says these acquisitions will enable it to offer an inclusive payments ecosystem for financial institutions, enterprises and SMEs, in addition to banking and non-banking consumers.
E-commerce spending in Indonesia this 12 months was greater than $7 billion, data shows A statesman given.
Nadiem Makarim, founder and CEO of Go-Jek, said: “We are now taking Go-Jek to the next stage.”
The combined acquisitions are Go-Jek’s largest up to now, Makarim told TI’m in Asiaand represents a major step in the corporate’s plan to dominate the payments space, where it’s going to tackle Southeast Asian giant Grab.
“This is according to the Indonesian government’s aspirations for the country to grow to be the biggest digital economy in Southeast Asia by 2020,” he added, in line with the web site e27.
Founded in 2015, Go-Jek is a transportation, food delivery, logistics and digital wallet company with 900,000 drivers, over 125,000 sellers and over 100 million transactions processed monthly through its platform.
