Go-Jek buys fintech startup for $72M ahead of Philippines expansion

Ride-hailing startup Go-Jek’s expansion into the Philippines ran into problems earlier this month over its ownership structure, but that isn’t deterring the Indonesian company from investing into the market.
Today, Go-Jek announced that it has acquired local fintech company through “substantial investment” which gives it a majority stake in the business. The deal is officially undisclosed, but TechCrunch understands from two industry sources that Go-Jek paid $72 million.
The startup claims five million registered users in the Philippines, where it offers a mobile wallet that covers payments, phone top-up, bill payment, public transport rides and more. Post-deal, the company will continue to run as usual but while tapping into Go-Jek’s resources and experience.
Ron Hose, CEO and co-founder, told TechCrunch that was in the process of raising a new round of funding when the Go-Jek opportunity presented itself.
“We had to make a decision on how we want to continue growing our business, and we felt like ultimately together with Go-Jjek we could build something that is overall bigger and better for our customers,” he said in a phone interview. started out offering crypto exchange services, but it pivoted to a broader focus on fintech including mobile payments and financial services in recent times. The company has raised $10 million from two investments and it counts Naspers, Global Brain, Wavemaker, Beenext and Pantera Capital among its backers.
Go-Jek buys fintech startup for $72M ahead of Philippines expansion
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