Go-Jek, Grab, Traveloka, EMTEK set sights on Fusion Payments

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fintech insurtech wealthtech regtech ai cybertech esg news

A triumvirate of Southeast Asian startups, together with Indonesian media and tech mogul EMTEK Group, are reportedly bidding for digital payments company Fusion.

According to Dealstreet Asia, Go-Jek, Grab, Traveloka and EMTEK are interested in the company, which is set to be bought for $20m.

Anonymous sources said due diligence is underway and an agreement is said to be expected soon.

Fusion operates in Indonesia and has a partnership with its largest mobile data providers Indosat and XL Axiata.

Sources said current bidders are attracted to its strong user base and its range of payment services, technical solutions and relationship with enterprise.

Owner Chris Eyles spent several years attempting to get his technology in Asia and made a breakthrough in 2014, after partnering with XL.

Potential buyer Grab already has a presence in Singapore through its payment service GrabPay, which enables non-transportation transactions.

EMTEK Group currently owns a stake in Grab after its purchase of O2O e-commerce startup Kudo.

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