Go-Jek secures Series F investment from Visa and plans to expand digital payment options in SEA

Go-Jek said it will also be collaborating with Visa to bring payment solutions for Southeast Asia’s unbanked and under-served customers.
Reuters

Indonesia’s Go-Jek has clinched an undisclosed funding amount from Visa as part of its ongoing Series F fundraising round, and aims to work on expanding its cashless payment options for customers across Indonesia and Southeast Asia (SEA).

In a joint statement released on Wednesday (July 17), the companies said the funding will go towards supporting the acceleration of Go-Jek’s payment services across SEA.

The two companies also said they will be collaborating on innovative payment solutions for digital-first consumers as well as SEA’s unbanked and under-served population.

The statement said: “Financial inclusion in SEA continues to be an urgent and important issue. The vast majority of Indonesia’s transactions are still cash-based and the adoption of digital payment services is as low as one in four users in markets like Vietnam.”

The companies added that tapping on the opportunity to encourage digital payments could potentially raise gross domestic product levels in relatively large SEA economies by between nine and 14 per cent.

Go-Jek’s other notable investors include Tencent Holdings, Google and Singapore state investor Temasek Holdings.

In January this year, the company said it was examining plans to expand to Malaysia following successful launches in Singapore, Vietnam and Thailand in 2018.

Go-Jek’s expansion to the Philippines however, was not smooth-sailing as transport authorities rejected its application to launch a ride-hailing service in the country, saying that its domestic unit did not meet local ownership criteria.

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