Go-Jek acquires three fintech firms as battle for payments heats up

Go-Jek acquires three fintech firms as battle for payments heats up

Nadiem Makarim, chief executive officer of PT Go-Jek Indonesia, sits for a photograph an interview in Singapore, on Tuesday, Nov. 29, 2016. Photographer: Ore Huiying/Bloomberg via Getty Images

Go-Jek, Indonesia’s largest ride-hailing service, Friday said it had reached deals to acquire three local fintech companies to further beef up its formidable payments arm as it aims to consolidate its position as the dominant player in the country’s digital payments space.

Go-Jek said it had acquired the country’s leading offline payments processing company Kartuku, top online payment gateway Midtrans, and local community group-based saving and lending network Mapan, even as it added that collectively, the three companies and GoPay processed close to $5 billion of debit card, credit card and digital wallet transactions for its users, service providers and merchants.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter