Gojek buys $200m stake in Indonesian bank Jago

PayPal-backed ride hailing and e-wallet company Gojek has paid $200m for a 22.1% stake in the Indonesian bank Jago.

The deal comes after Gojek’s rivals Sea and Grab were revealed to be among the companies to have picked up digital banking licences in Singapore earlier in December.

The new partnership will empower Jago to provide access to digital banking services through Gojek’s platform, allowing Gojek’s millions of users to instantly open a bank account with Jago and better manage their finances via the Gojek app.

“This is the start of a new way of offering financial services to Gojek users,” said Andre Soelistyo, co-CEO of Gojek. “The collaboration will enable us to develop a process through which we can work with other banks. Our aim is to leverage more partnerships like this, to ultimately make the Gojek app a reliable resource for everyone’s financial needs.”

Gojek picked up new capital in a round this summer from PayPal, Tencent Holdings and Alphabet, which reportedly put its valuation north of the $10bn mark.

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