Indonesia’s GOJEK adds Visa to growing list of Series F investors

Go-Jek driver helmets are seen during Go-Food festival in Jakarta, Indonesia, October 27, 2018. REUTERS/Beawiharta

Indonesia’s GOJEK on Wednesday announced that global payment technology provider Visa is the latest investor to back its ongoing Series F funding round.

It did not disclose how much it raised from the American firm or its round total so far.

According to a statement, the deal will see both companies working together in the area of cashless payments for consumers across Southeast Asia. Visa will collaborate with GOJEK’s e-wallet GOPAY, which claims to be the payments market leader in Southeast Asia’s largest market, Indonesia.

Financial inclusion is a key market opportunity for both players in Indonesia, where most transactions continue to be made via cash. Addressing this can potentially raise GDP levels in emerging Southeast Asian economies by 9-14 per cent, according to a report by the Asian Development Bank and Oliver Wyman.

GOJEK President Andre Soelistyo said: “We’ve been humbled by investor support over the course of our current fundraising round as they have truly shown confidence in our long-term vision of powering the next phase of technology-enabled growth in Southeast Asia.”

Soelistyo added: “Visa’s investment in GOJEK is an endorsement of our business model and reflects their belief in GOJEK’s ability to improve the lives of people across the region through our services and payments ecosystem.”

Last week, GOJEK added Siam Commercial Bank (SCB), Thailand’s largest lender by assets, as an investor in its ongoing Series F funding round. The deal will also see both players collaborating on the payments front for GOJEK’s Thai affiliate, GET.

We recently reported that GOJEK had gathered about $1.6 billion in Series F total before the capital infusion by SCB. The firm is targeting to close the round at over $3 billion to accelerate its expansion across Southeast Asia.

Meanwhile, GOJEK’s rival, Grab has secured more than $4.5 billion for its ongoing Series H round, including a $1.46-billion funding from SoftBank Vision Fund.

Over the past year, GOJEK has been expanding aggressively into three new regional markets – Vietnam, Singapore and Thailand. It has yet to enter the Philippines as plans to foray into the market hit a roadblock early this year due to foreign ownership regulations. It has also expressed interest in extending its services to Malaysia, Myanmar and Cambodia this year.