In the latest deals in Southeast Asia’s largest market, Lippo’s mobile payment startup OVO has acquired local peer-to-peer lending company Taralite, while media firm Tempo has made an investment in culinary education startup Foodizz.id.
OVO acquires P2P lender Taralite
Mobile payment startup OVO has acquired local peer-to-peer lending company Taralite, according to a report by KrAsia.
The deal was sealed in February, following months of collaboration between the two companies. Taralite had helped OVO launch its new PayLater feature, which offers loans and credits to users on its platform.
It is understood that the move will pave the way for OVO to branch out into the lending business which is seen to be a potential profit-generator for the company.
Taralite, which is one of Indonesia’s first fintech platforms, started out by providing funds for personal use such as weddings but has evolved into a platform that disburses loans to online merchants, with interest rates starting from 0.99 per cent per month.
It last raised a funding round in 2017, securing $6.3 million from Japan’s SBI Holdings.
Media firm Tempo invests in Foodizz
Media firm Tempo has made an unspecified pre-seed investment in culinary education startup Foodizz.id, according to e27.
The fresh capital will be used by Foodizz to improve the service and facilities on its platform.
Foodizz claims to be the first F&B education platform in Indonesia. It aims to provide Indonesia’s food entrepreneurs with access to practical business knowledge through its mobile platform.
For Tempo, the deal follows its investments in Rombak Pola Pikir, which runs an animated education channel on YouTube called Kok Bisa; millennials-targeted travel portal Telusuri.id; and industry news portal Ziliun.com.