Facebook, PayPal invest in Indonesia’s e-commerce group Gojek
US social media giant Facebook and online payment pioneer PayPal both have participated in a fundraising round for Indonesia’s ride-hailing and e-commerce company Gojek, the firm announced, adding that existing stakeholders Tencent and Google also took part.
Gojek did not disclose the raised amount, but said that this latest investment was part of its ongoing series F round and brings its total funds raised to more than $3 billion.
In March this year, the firm was said to have secured $1.2 billion in new funding after raising $1 billion in the first close of its series F round last year, which brings the latest funding amount to more than $800 million.
The new funds will be used for developing the digital economy in Gojek’s Southeast Asian markets, which are – besides Indonesia – Vietnam, Singapore, Thailand and the Philippines, with a focus on digital payments and financial services, Gojek said. The collaboration with PayPal would allow users of Gojek’s digital wallet, GoPay, to access the US firm’s network of more than 25 million merchants worldwide.
Digital payment services for one of the world’s largest social media markets
With regards to Facebook, the participation in the funding round would lead to a cooperation with the social media company’s new WhatsApp Pay platform. Indonesia as one of the world’s largest social media markets is one of the countries that Facebook CEO Mark Zuckerberg has targeted to launch WhatsApp Pay. The US tech company is seeking to monetise the rapidly growing number of customers and businesses moving online in the region as growth in its western markets slows.
In 2015, Gojek launched its payments division GoPay to help micro, small and medium-sized enterprises gain more access to the digital economy. The majority of these businesses rely on cash to operate due to the large unbanked population across the region. GoPay has since connected merchants with more than 170 million users in the region and processes billions of transactions each year, according to the company.
Gojek also said the enhancement of its digital services were important in times of a global virus pandemic.
“The Covid-19 pandemic and its associated issues have served as a tough reminder that if our economies are to be more resilient, they must be underpinned by digital infrastructure that diversifies the ways in which people can live and transact,” said Gojek Co-CEO Andre Soelistyo.
Since its launch in 2009, Gojek has won financial backing from other investors such as Astra International, blibli.com, Mitsubishi, Sequoia, Northstar, Temasek Holdings, KKR, Warburg Pincus, Visa, Parallon, Siam Commercial Bank, JD.com, meituan.com and Capital Group.
US social media giant Facebook and online payment pioneer PayPal both have participated in a fundraising round for Indonesia’s ride-hailing and e-commerce company Gojek, the firm announced, adding that existing stakeholders Tencent and Google also took part. Gojek did not disclose the raised amount, but said that this latest investment was part of its ongoing series F round and brings its total funds raised to more than $3 billion. In March this year, the firm was said to have secured $1.2 billion in new funding after raising $1 billion in the first close of its series F round last year,...
US social media giant Facebook and online payment pioneer PayPal both have participated in a fundraising round for Indonesia’s ride-hailing and e-commerce company Gojek, the firm announced, adding that existing stakeholders Tencent and Google also took part.
Gojek did not disclose the raised amount, but said that this latest investment was part of its ongoing series F round and brings its total funds raised to more than $3 billion.
In March this year, the firm was said to have secured $1.2 billion in new funding after raising $1 billion in the first close of its series F round last year, which brings the latest funding amount to more than $800 million.
The new funds will be used for developing the digital economy in Gojek’s Southeast Asian markets, which are – besides Indonesia – Vietnam, Singapore, Thailand and the Philippines, with a focus on digital payments and financial services, Gojek said. The collaboration with PayPal would allow users of Gojek’s digital wallet, GoPay, to access the US firm’s network of more than 25 million merchants worldwide.
Digital payment services for one of the world’s largest social media markets
With regards to Facebook, the participation in the funding round would lead to a cooperation with the social media company’s new WhatsApp Pay platform. Indonesia as one of the world’s largest social media markets is one of the countries that Facebook CEO Mark Zuckerberg has targeted to launch WhatsApp Pay. The US tech company is seeking to monetise the rapidly growing number of customers and businesses moving online in the region as growth in its western markets slows.
In 2015, Gojek launched its payments division GoPay to help micro, small and medium-sized enterprises gain more access to the digital economy. The majority of these businesses rely on cash to operate due to the large unbanked population across the region. GoPay has since connected merchants with more than 170 million users in the region and processes billions of transactions each year, according to the company.
Gojek also said the enhancement of its digital services were important in times of a global virus pandemic.
“The Covid-19 pandemic and its associated issues have served as a tough reminder that if our economies are to be more resilient, they must be underpinned by digital infrastructure that diversifies the ways in which people can live and transact,” said Gojek Co-CEO Andre Soelistyo.
Since its launch in 2009, Gojek has won financial backing from other investors such as Astra International, blibli.com, Mitsubishi, Sequoia, Northstar, Temasek Holdings, KKR, Warburg Pincus, Visa, Parallon, Siam Commercial Bank, JD.com, meituan.com and Capital Group.
