Indonesia: Go-Jek purchases e-payment startup MVCommerce

Visual from the company website

Go-Jek, Indonesia’s most popular ride-hailing application company, has acquired e-payment startup MVCommerce, media reports said. MVCommerce is the owner and operator of mobile payment service PonselPay.

“We have reached a strategic agreement with Go-Jek to unite our strengths, in our efforts to support Indonesia’s financial inclusivity program,” MVCommerce CEO Hendra Sutandinata was quoted as saying to Tech in Asia.

Sutandinata declined to reveal the exact value of the acquisition. He also remained tight-lipped about the kind of product or service the two companies will work on.

MVCommerce was founded in 2002 by veterans of the US and regional banking and technology industries with the mission of helping reduce poverty through improved access to financial services.

The Jakarta-based company claims that it enables banks to “break free” from product paradigms and limitations of technology that are mostly derived from developed countries.

It wants to securely and reliably make use of mobile networks to extend their service reach and create products to profitably serve various segments of the population base. One of their services, PonselPay, allows customers to perform mobile transactions via text messaging.

Meanwhile, Go-Jek has been on buying mode since it received $550 million in funding from KKR and Warburg Pincus. In September, the company acquired a Bangalore-based home healthcare services marketplaced called Pianta for an undisclosed amount.

The acquisition is expected to help fast track the development of Go-Jek’s logistics and transportation platforms to support its fast-growing Indonesia operations. The firm has said that it is moving to launch an on-demand healthcare product, which might have on demand delivery and logistics issues.

Last week, Go-Jek’s brand director and co-founder Michaelangelo Moran announced his decision to quit, following in Alamanda Shantika’s footsteps to leave the startup. Shantika announced her departure last month after two years serving as head of engineering team.

Go-Jek has been facing stiffer competition from Singapore-based transportation service app Grab, which has raised $1.5 billion till date, and is making a major push into Indonesia. Grab is targeting to grow its market share in Indonesia to 50 per cent this year.

Also Read:

Indonesia’s bike taxi Go-Jek acquires healthcare services startup Pianta, its third deal in India

Indonesia’s Go-Jek raises over $550m from KKR, Warburg to battle Uber and Grab

Indonesia: Co-founder Michaelangelo Moran leaves Go-Jek

Indonesia taxi operator Blue Bird, GO-JEK joins hands to grab higher marketshare

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.