Indonesia-based motorcycle taxi ordering company Go-Jek announced it acquired three fintech businesses in a move to prepare it to launch a full mobile payments platform in 2018.
It purchased Kartuku, an offline payments processing company in Indonesia; Midtrans, the country’s top online payment gateway; and Mapan, a local community group-based saving and lending network. The businesses currently process nearly $5 billion of debit and credit card, and digital wallet transactions for its users, services providers and merchants, Go-Jek said.
The value of the acquisitions was not disclosed.
Last week Go-Jek CEO Nadiem Makarim said 2018 would be the “year of Go-Pay” as the company intended to sign deals with a number of partners in Indonesia to open its app to be used to pay for items both online and in retail stores. The executive also revealed plans to launch an IPO during 2018.
Go-Jek said in a statement the acquisitions will enable it to provide an inclusive payment ecosystem for financial institutions, enterprise and SME merchants, along with banked and unbanked consumers.
“We are now taking Go-Jek to the next stage. Through the acquisitions announced today, we will be working hand-in-hand with three like-minded companies who share our vision and ethos,” Makarim said.
Go-Jek is one of the largest digital companies in Indonesia and already operates taxi, delivery and logistics services across the country. It claims 15 million weekly active users and processes 100 million transactions per month.
Its backers reportedly include Tencent, the company behind China payments giant WeChat Pay, which invested between $100 million and $150 million in a $1 billion funding round during 2017, Reuters reported.