Visa, a global digital payments technology company, has invested an undisclosed amount in Go-Jek, Southeast Asia’s leading mobile on-demand service and payments platform. This is part of Go-Jek’s ongoing Series F round, which has also seen companies such as Thailand’s Siam Commercial Bank (SCB) and three Mitsubishi units investing.
The new partnership will see Go-Jek and Visa collaborating on innovative payment solutions for digital-first consumers and Southeast Asia’s unbanked and underserved population. This round will support the acceleration of Go-Jek’s payment service Go-Pay across Southeast Asia.
Go-Pay CEO Aldi Haryopratomo said: “Go-Pay and Visa share a collective vision of enabling convenient and seamless transactions for consumers across socio-economic groups. Having driven the adoption of digital payments in Indonesia to improve incomes and lives, we are delighted to work with Visa to collaborate on further expanding our solutions to consumers across Southeast Asia. Together with Visa, we will have the unique opportunity to provide greater access to cashless payments across the region.”
Visa Regional President (Asia Pacific) Chris Clark said, “We both want to make everyday life more convenient, whether it’s how people move around town in Southeast Asia’s fast-growing urban areas, or making it easier for people to pay and be paid all over the world. We also have a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses. Through this partnership, we will explore ways to leverage the power of Go-Jek’s and Visa’s networks to expand financial access in Southeast Asia.”
Go-Jek made the first close of its Series F round, led by existing backers Google, JD.com and Tencent in February this year. It also saw participation from Mitsubishi Corporation and Provident Capital. The company is targetting to close this round at US$2 billion.
In April, Go-Jek became Indonesia’s first decacorn, a company with over US$10 billion valuation.