Go-Jek officially acquired three fintech startups, Kartuku, Midtrans, and Mapan to strengthen Go-Pay expansion in 2018. All three have different business focuses, although both exist in the payment service provider ecosystem.
Not mentioned how much the value of the acquisition. However, joining these three fintech will strengthen Go-Jek’s position as a provider of digital wallet services in Indonesia. These three platforms are considered by Go-Jek has its own specialization in providing payment services both online and offline.
Kartuku, known as the largest offline payment service provider in Indonesia. Midtrans is then known as the largest online payment gateway service provider. And Mapan, known as a local community-based saving and lending network has helped finance organizing of more than 1 million Indonesian families in over 110 cities in Indonesia.
That way the Go-Pay feature in the future not only be used to pay on Go-Jek services, but also for other platforms such as marketplace.
“Through the acquisitions announced today, we will be working hand-in-hand with three likeminded companies who share our vision and ethos,” Nadiem Makarim, founder and chief executive of Go-Jek, said in a statement on Friday (15/12). “This marks a significant development in our position at the heart of Indonesia’s vibrant fintech industry.”
New Form of Go-Jek Group
The three heads of the acquired companies will hold senior management positions within the Go-Jek Group. Aldi Haryopratomo who previously served as CEO of Mapan is believed to lead the division of Go-Pay. While Ryu Kawano Suliawan who previously was CEO of Midtrans is believed to lead the development of merchant platform in Go-Jek Group. As for Thomas Husted from Kartuku will play the role of CFO in Go-Jek Group.
“The acquisitions will immediately accelerate the acceptance and market leadership of Go-Pay in the offline space through Kartuku, as well as the online space through Midtrans, while also increasing financial inclusion for the unbanked through Mapan,” Andre Soelistyo, president at Go-Jek, said.
“This approach to finance, implemented by leading homegrown Indonesian technology businesses within Go-Jek Group, will accelerate financial inclusion for millions of Indonesians and stimulate economic productivity throughout the country.”
Previously to Bloomberg, Makarim had declared a plan to make Go-Pay as a multiplatform payment tool separate from Go-Jek starting in 2018.
Makarim said that existence of Go-Pay as a payment feature has somewhat influenced the lifestyles of today’s society. For this reason, Go-Jek wants to expand in order to reach a wider multiplatform payment service. Makarim’s goal is to let his customers to pay for coffee, groceries, tickets and other things outside the realms of Go-Jek’s services.
“We are now taking Go-Jek to the next stage,” Makarim said.
In addition to making Go-Pay a better payment platform, the acquisition of three fintech companies brings a new name in senior management of Go-Jek.
“By being part of the Go-Jek Group, we will accelerate financial inclusion for people who are still unbanked, especially those in rural areas where Go-Jek services are not yet fully available. Through existing communities in Mapan, we can help communities build more responsible financial habits and support them to have the opportunity to become more established, “said Aldi Haryopratomo, founder of Mapan.