Ride-hailing player Go-Jek scoops up PonselPay

Indonesian ride-hailing service Go-Jek is buying regional payments startup MVCommerce the company behind mobile payments service PonselPay.

The financial terms of the deal are undisclosed nor has either company hinted at what the two companies will work on together.

MVCommerce is based in Jakarta and through PonselPay allows enables users to carry out transactions via text message.

The payments company was founded in 2002 by US and local banking veterans with the aim of reducing regional poverty through access to financial services.

It did not seek venture capital or private equity backing as it said it believed outside backers may prioritise the company’s revenue over customers.

The acquisition is Go-Jek’s third this year with it previously buying software consulting firm C42 Engineering and healthcare marketplace Pianta.

It landed $550m in a round led by KKR in August as it faces stiffening competition from Singapore’s Grab.

Copyright © 2016 FINTECH GLOBAL

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