Global payments technology provider Visa has invested an undisclosed amount in Indonesia’s ride-hailing player GOJEK as part of the latter’s ongoing Series F funding round.
With this deal, GOJEK and Visa will be collaborating on innovative payment solutions to serve consumers in Southeast Asia.
Commenting on the investment, Chris Clark, Regional President - Asia Pacific, Visa, said,
“We are excited about this partnership because Visa and GOJEK share common objectives. Through this partnership, we will explore ways to leverage the power of GOJEK and Visa’s networks to expand financial access in Southeast Asia.”
Visa will also support the acceleration of GOJEK’s e-wallet GoPay, which aims to position itself as the payments market leader in Southeast Asia’s largest market Indonesia.
Aldi Haryopratomo, CEO, GoPay, said,
“Together with Visa, we will have the unique opportunity to provide greater access to cashless payments across the region.”
GOJEK’s ongoing funding round gets backing from companies such as Google, JD.com, Tencent, Astra International, Mitsubishi Corporation, Mitsubishi Motors, and Mitsubishi UFJ Financial Group.
Andre Soelistyo, President, GOJEK, said,
“Visa’s investment in GOJEK is an endorsement of our business model and reflects their belief in GOJEK’s ability to improve the lives of people across the region through our services and payments ecosystem.”
GOJEK, which is providing a range of services from ride-hailing to food delivery to payments, was founded in 2010, and has been expanding its business in Singapore, Vietnam, Thailand, and Philippines.
It claims to become the largest on-demand, multi-service provider in Indonesia and Southeast Asia, connecting users to two million drivers and over 300,000 merchants daily. In Indonesia, the company currently offers 21 on-demand services on its platform.
Meanwhile, GOJEK’s rival, Grab, has received more than $4.5 billion for its on-going Series H round, including a $1.5 billion funding from SoftBank Vision Fund in March 2019.
(Edited by Megha Reddy)
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.