Go-Jek buys fintech startup Coins.ph for $72M ahead of Philippines expansion
Monday, January 21, 2019
By Jon Russell
Ride-hailing startup Go-Jek’s expansion into the Philippines ran into problems earlier this month over its ownership structure, but that isn’t deterring the Indonesian company from investing into the market.
Today, Go-Jek announced it has acquired local fintech company Coins.ph through “substantial investment,” which gives it a majority stake in the business. The deal is officially undisclosed, but TechCrunch understands from two industry sources that Go-Jek paid $72 million. That price would make it Go-Jek’s biggest outlay on an acquisition to date, although most of its past deals are also undisclosed.
The startup claims five million registered users in the Philippines, where it offers a mobile wallet that covers payments, phone top-up, bill payment, public transport rides and more. Post-deal the company will continue to run as usual, but while tapping into Go-Jek’s resources and experience.
Photo courtesy of Kārlis Dambrāns.
Source: TechCrunch (link opens in a new window)
- digital payments, fintech, startups