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Business deals

Indonesia's Go-Jek adds Visa to growing list of Series F investors

Southeast Asia's ride-hailers prove irresistible to big financial players

Go-Jek is targeting $3 billion in its latest fundraising round, with plans to use the money to further expand across Southeast Asia.   © Reuters

SINGAPORE -- Indonesia's Go-Jek on Wednesday announced that global payment technology provider Visa is the latest investor to back its ongoing Series F funding round.

It did not disclose how much it raised from the American firm or its round total so far.

According to a statement, the deal will see both companies working together in the area of cashless payments for consumers across Southeast Asia. Visa will collaborate with Go-Jek e-wallet GOPAY, which claims to be the payments market leader in Southeast Asia's largest market, Indonesia.

Financial inclusion is a key market opportunity for both players in Indonesia, where most transactions continue to be made via cash. Addressing this can potentially raise GDP levels in emerging Southeast Asian economies by 9-14 per cent, according to a report by the Asian Development Bank and Oliver Wyman.

Go-Jek President Andre Soelistyo said: "We've been humbled by investor support over the course of our current fundraising round as they have truly shown confidence in our long-term vision of powering the next phase of technology-enabled growth in Southeast Asia."

Soelistyo added: "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."

Last week, Go-Jek added Siam Commercial Bank (SCB), Thailand's largest lender by assets, as an investor in its ongoing Series F funding round. The deal will also see both players collaborating on the payments front for Go-Jek Thai affiliate, GET.

We recently reported that Go-Jek had gathered about $1.6 billion in Series F total before the capital infusion by SCB. The source added that Go-Jek is targeting to close the round at over $3 billion to accelerate its expansion across Southeast Asia.

Meanwhile, Go-Jek's rival, Grab has secured more than $4.5 billion for its ongoing Series H round, including a $1.46-billion funding from SoftBank Vision Fund.

Over the past year, Go-Jek has been expanding aggressively into three new regional markets - Vietnam, Singapore and Thailand. It has yet to enter the Philippines as plans to foray into the market hit a roadblock early this year due to foreign ownership regulations. It has also expressed interest in extending its services to Malaysia, Myanmar and Cambodia this year.

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