Visa invests in Indonesian payment, ride hailing app Go-Jek
Go-Jek has evolved into a super app of sorts. It began as a ride-sharing, but now allows its customers to make online payments for food, groceries and a plethora of other services.
Visa has invested in Go-Jek, Southeast Asia's ride hailing app and payments platform, as part of a Series F fundraising round.
As part of the collaboration, the two companies will work toward providing cashless payments solutions to the “unbanked and underserved” across Indonesia and Southeast Asia, Visa said.
"We are excited about this partnership because Visa and Go-Jek share common objectives,” Chris Clark, Visa regional president Asia Pacific, said in the release.
Visa did not disclose how much it invested or how big a stake it would claim in Go-Jek.
Launched in 2011 in Jakarta, Go-Jek has evolved into a super app of sorts. It began as a ride-sharing, but now allows its customers to make online payments for food, groceries and a plethora of other services. The company's name is a play on the word for "motorbike taxis."
"Visa's investment in Go-Jek is an endorsement of our business model and reflects their belief in Go-Jek's ability to improve the lives of people across the region through our services and payments ecosystem,” Andre Soelistyo, Go-Jek's president, said in the release.
Earlier this month Go-Jek secured an investment from Mitsubishi Motors Corp. and Mitsubishi Corp. as part of its ongoing Series F funding. Both amounts were undisclosed. Go-Jek also raised about $1 billion earlier this year from Alphabet Inc’s Google, JD.com Inc and Tencent Holdings, and is valued at up to $10 billion.