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Visa invests in GOJEK to push innovative payment in SEA

Visa has invested in GOJEK as part of the latter’s ongoing Series F fundraising round, according to a press release. The two companies will work together to provide greater options for cashless payments and more seamless experiences for consumers across Indonesia and Southeast Asia.

The partnership will see Visa and GOJEK collaborating on innovative payment solutions for digital-first consumers in Southeast Asia. Additionally, the latest round of funding will support the acceleration of GOJEK’s payment services across Southeast Asia.

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Visa regional president, Asia Pacific, Chris Clark said the partnership arose out of a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses. “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,” he explained.

GOJEK has recently secured a co-investment from Mitsubishi Motors Corporation and Mitsubishi Corporation, as well as from Mitsubishi UFJ Lease & Finance, as part of the Series F fundraising round too. Mitsubishi also looks to tap into GOJEK’s expertise and presence in the mobility and consumer services market in the region. The Indonesia-based ride-hailing firm expanded to Singapore end of last year and recorded 10 million completed trips in May after just six months of operations.

GOJEK president Andre Soelistyo said the funding shows the investors’ confidence in its long-term vision of powering the next phase of technology-enabled growth in Southeast Asia. “Visa’s investment in GOJEK is an endorsement of our business model and reflects their belief in GOJEK’s ability to improve the lives of people across the region through our services and payments ecosystem,” he added.

Meanwhile, GOJEK has also been strengthening its digital payment solution GO-PAY in Indonesia. It announced plans to add the LinkAja e-wallet into its app later this year to complement its existing offering and support the nation’s cashless movement (Gerakan Nasional Non Tunai). LinkAja was recently launched by Telkomsel’s fintech company, Fintek Karya Nusantara.

GO-PAY CEO Aldi Haryopratomo said: “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.”

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