Go-Jek, Indonesia’s first billion-dollar tech startup, has agreed to acquire three local fintech firms as it seeks to expand its grip on the digital payments market.
The deals involve Kartuku, a leading offline payments processing company in Indonesia; Midtrans, said to be the nation’s top online payment gateway; and Mapan, a community-based savings and lending network, Go-Jek announced in a statement today.
The value of the deals were undisclosed.
Together, the three companies process close to US$5 billion worth of debit and credit card, as well as digital wallet transactions for users, service providers, and merchants.
“We are now taking Go-Jek to the next stage,” said its founder and CEO Nadiem Makarim, adding that it is a significant move in the company’s plan of dominating the payments space.
Go-Jek started out with motorcycle-hailing, then added private cars to take on rivals Uber and Grab head-on.