gojek announced today that it has invested in Bank Jago, an Indonesia-listed tech-based bank, as part of a strategic partnership that aims to accelerate financial inclusion in Indonesia.
As per the deal, gojek will hold 22 per cent of Bank Jago. Other details of the transaction were not disclosed.
The deal however doesn’t alter the control of Jago, as Metamorfosis Ekosistem Indonesia and Wealth Track Technology (WTT) will continue to hold a combined 51 per cent in the tech giant.
“Our partnership with Jago marks the latest milestone in our drive to reduce daily friction for users and improve their lives through technology. It is a key part of our strategy and will underpin the growth and sustainability of our business in the long term. Jago’s tech-based banking solutions will supercharge gojek’s ecosystem offerings and facilitate access to banking services for the mass market, thereby supporting our common vision to accelerate financial inclusion in Indonesia,” said gojek co-CEO Andre Soelistyo.
Also Read: gojek, Warung Pintar investors buy a local bank. This is why we are excited
Founded in 1992, PT Bank Jago Tbk — previously known as PT Bank Artos Indonesia — is an innovative technology-based bank that delivers digital banking services for the SME, consumer and mass-market segments in Indonesia.
In 2019, Bank Jago made headlines when gojek investor Patrick Walujo invested in the bank through WTT. The investment has led to speculation that gojek was going to invest in Bank Jago, which was then denied by the company.
“We believe that this strategic collaboration between a tech-based bank like Bank Jago and a super app like gojek is the first of its kind in Indonesia and Southeast Asia and represents a new way to spur growth in digital economies. As a bank designed with an open API, we will go on to work with multiple digital ecosystems to reach a wider audience and drive our aspiration to enhance the finances of millions of people through digital financial solutions,” said Bank Jago’s President Director, Kharim Siregar.
—
Image Credit: gojek
The post gojek invests in Bank Jago to expand its footprint as a leading payment services company in Indonesia appeared first on e27.