Payments

Visa hedges bets by backing Gojek and Grab in SEAsia payments race

The global payments processor has invested in Gojek as well as earlier backing Grab.

Global payments processor Visa has invested in Indonesian ride-hailing app Gojek and the two said they will work together on spreading cashless payments across Southeast Asia.

The investment is part of the latter's ongoing series F fundraising round, the two partners said on Wednesday. Gojek is looking to raise close to $2.5 billion from this round of fundraising, a person familiar with the matter told FinanceAsia.

Gojek’s arch-rival Singapore-headquartered Grab also won investment from Visa earlier and it teamed up with Mastercard in October to issue prepaid cards tailored to Southeast Asian consumers.

For Visa and Mastercard, Southeast Asia represents a major...

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