Go-Jek buys three startups to advance its mobile payment business
Summary
Go-Jek, the company leading Uber and Grab in Southeast Asia’s largest market, has bagged a hat trick of deals to advance its mobile payment strategy.Ride-sharing in Southeast Asia is projected to become a $20 billion a year business by 2025, according to a report co-authored by Google , with Indonesia accounting for upwards of 40 percent.Go-Jek CEO Nadiem Makarim recently told Bloomberg that his firm plans to expand Go-Pay to cover more retails both online and offline.The company is seizing the opportunity to offer basic payment services to cater to the majority of the population in Indonesia who don’t have access to traditional banking.Kartuku CEO Thomas Husted becomes its CFO, Mapan’s Aldi Haryopratomo will lead Go-Pay, and Ryu Suliawan of Midtrans is to head up its merchant platform.