Uber rival Go-Jek acquires three fintech startups in payments push

Go-Jek in addition to also various other motorcycle riders on a street in Jakarta, Indonesia on Monday, March 21, 2016.

Dimas Ardian | Bloomberg | Getty Images

Go-Jek in addition to also various other motorcycle riders on a street in Jakarta, Indonesia on Monday, March 21, 2016.

Ride-hailing start-up Go-Jek has acquired three financial technology (fintech) start-ups as the idea looks to dominate Indonesia’s digital payments space.

Go-Jek said Friday the idea had bought offline payments service Kartuku, payment gateway Midtrans in addition to also saving in addition to also lending firm Mapan for undisclosed amounts.

The firm, which began life as a motorbike in addition to also taxi business, has expanded its offering to include food delivery in addition to also payments. Go-Jek said the acquisition could be a vital component in its aim to lead Indonesia’s payments sector.

“Through the acquisitions announced today, we will be working hand-in-hand with three likeminded companies who share our vision in addition to also ethos,” Nadiem Makarim, founder in addition to also chief executive of Go-Jek, said in a statement. “This specific marks a significant development in our position at the heart of Indonesia’s vibrant fintech industry.”

Go-Jek said the acquisition move could bolster its activity in both online in addition to also offline payments, as well as increase engagement within the financial services in Indonesia. Go-Jek’s mobile payments service Go-Pay will be one of the most well-known payment platforms in Indonesia.

“The acquisitions will immediately accelerate the acceptance in addition to also market leadership of Go-Pay within 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 specific approach to finance, implemented by leading homegrown Indonesian technology businesses within Go-Jek Group, will accelerate financial inclusion for millions of Indonesians in addition to also stimulate economic productivity throughout the country.”

Financial inclusion refers to fintech solutions in which provide more affordable finance alternatives to disadvantage in addition to also low-income people. According to World Bank data, an estimated 2 billion adults have no access to formal financial services.

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