Valuable Indonesian technology platform provider Go-Jek is making its debut within the Philippine financial services sector by investing in mobile blockchain provider Coins.ph, forming a partnership that promotes financial inclusion and digitalization.
Gojek, Indonesia’s largest on-demand platform, yesterday announced a “significant” share acquisition to support the rapid growth of Coins.ph.
The deal isn’t officially disclosed, but TechCrunch is learning from two industry sources that Go-Jek paid $72 million. That price would make Go-Jek the most important acquisition deal thus far, although most of its previous deals have also been undisclosed.
The startup says it has five million registered users within the Philippines, where it offers a mobile wallet that features payments, phone top-ups, bill payments, public transport and more. After the transaction, the corporate will proceed to operate as usual, but will even profit from Go-Jek’s resources and expertise.
“We are very proud to showcase the success of Filipino startups. In just a few years, our team has been able to build a scalable service that extends financial services to millions of Filipinos,” said Ron Hose, Founder and CEO of Coins.ph Inquirer.
“Coins.ph and Go-Jek share the identical vision that has allowed them to achieve their respective markets – empowering customers by providing them with cheaper and more convenient access to services.
According to TechCrunchCoins.ph started off offering cryptocurrency exchange services but has recently shifted to a broader deal with fintech, including mobile payments and financial services. The company has raised $10 million in two investments; Naspers is what countsIts sponsors include Global Brain, Wavemaker, Beenext and Pantera Capital.
The acquisition is undoubtedly a strategic move for Go-Jek, which is valued at around $9 billion.
In Indonesia, GoPay is the market leader in digital payments. More than 50 percent of transactions within the Go-Jek ecosystem are actually cashless through Go-Pay.
Last 12 months, it expanded for the primary time beyond Indonesia — where it claims to be the dominant player. Its overseas moves have seen it enter Vietnam, Thailand and Singapore, with the Philippines mentioned as one other proposed goal.
