Visa has invested in Indonesian ride-hailing app GOJEK in order to drive the growth of the latter’s payment services across Southeast Asia.
The investment is part of GOJEK’s Series F funding round. The investment amount was not revealed.
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GOJEK president Andre Soelistyo said: “Visa’s investment in GOJEK is an endorsement of our business model and reflects their belief in GOJEK’s ability to improve the lives of people across the region through our services and payments ecosystem.”
The two firms aim to partner on cashless payment solutions to serve the unbanked and underserved in Southeast Asia.
Visa regional president for Asia Pacific Chris Clark said: “We both want to make everyday life more convenient, whether it’s how people move around town in Southeast Asia’s fast-growing urban areas, or making it easier for people to pay and be paid all over the world.
“We also have a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses.
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By GlobalData“Through this partnership, we will explore ways to leverage the power of GOJEK and Visa’s networks to expand financial access in Southeast Asia.”
Recently, Visa made multiple developments in the payments space.
This includes the launch of its cross-border B2B payments network called Visa B2B Connect in over 30 countries.
The firm also collaborated with Western Union to enable cross-border payments.
