Go-Jek buys fintech trio to boost its digital wallet

Tencent-backed Indonesian unicorn, best known as a ride-sharing platform, looks to extend use of Go-Pay wallet to meet more daily needs in a country where few have credit cards.

Indonesia's first home-grown unicorn, Go-Jek, is buying three up-and-coming fintech companies in the country to reinforce its leading position in the payments market.

The start-up, backed by KKR, Warburg Pincus and Tencent, has entered into definitive agreements to acquire offline payments processing operator Kartuku, online payments provider Midtrans, and Mapan, a community-based saving and lending network, for undisclosed terms, Go-Jek announced on Friday.

The deal is intended to expand the use of its Go-Pay digital wallet to plug daily needs as Southeast Asia's most populous country moves towards a cashless society.

Go-Jek is trying to build an inclusive payment ecosystem...

¬ Haymarket Media Limited. All rights reserved.

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