Visa invests in Go-Jek for digital payments in Southeast Asia

Visa and Mastercard Credit Cards/Bloomberg

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The world’s biggest payments network has invested an undisclosed amount in Go-Jek as part of the Indonesian company’s ongoing series F fundraising round.

Wednesday 17, July 2019

Visa has become the latest investor in ride-hailing giant Go-Jek as the two companies push digital payments across Southeast Asia, reported Bloomberg.

The move follows Go-Jek’s announcement this month it had secured funding from Thailand’s Siam Commercial Bank, Mitsubishi Motors Corporation as well as Mitsubishi Corporation and Mitsubishi UFJ Lease & Finance Company, without disclosing the terms of the deal.

Go-Jek, which debuted its app for hailing motorbike taxis in Jakarta in 2015, is expanding beyond Indonesia to cater to consumers across Southeast Asia, building an all-purpose consumer app similar to Tencent Holdings’ WeChat in China.

The Indonesian-based ride-hailing firm is valued at $10 billion and hosts more than 20 on-demand services on its platform from food delivery to digital payments.

Chris Clark, Visa Regional President Asia Pacific, said, “The two companies have a shared goal to bring formal financial services to the unbanked and underserved such SMEs, we will explore ways to leverage the power of Go-Jek and Visa’s networks to expand financial access in Southeast Asia.”

Visa and Mastercard have teamed up with mobile start-ups in Southeast Asia in recent years, where most transactions are still cash-based and the pace of adoption of digital payments is slow.

Mastercard partnered with Go-Jek rival Grab, while Visa has announced a partnership with gaming accessories maker Razer.

TAGS : Visa, Mastercard , Razer, Go-Jek, Siam Commercial Bank, Mitsubishi UFJ Lease & Finance Company

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