Go-Jek, Indonesian unicorn, acquires majority stake in Philippine portfolio

Finance

The Indonesian unicorn Go-Jek announced a partnership between the company's payment platform, Go-Pay, and the Philippine cryptocurrency wallet Coins.ph. Local media said the agreement would see Coins.ph continue to function normally, while Go-Jek now held a majority stake in the company.

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Go-Jek announces partnership with Coins.ph

Go-Pay, the payment platform for the largest Indonesian on-demand service platform, Go-Jek, has announced the conclusion of a partnership with Filipino portfolio provider Coins.ph.

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Manila Standard said the deal would include a "substantial acquisition" of shares by Go-Jek, giving the country a majority stake in Coins.ph. Citing two undisclosed sources in the industry, Techcrunch said the deal allowed Go-Jek to pay $ 72 million for the shares.

Launched in Jakarta in 2011, Go-Jek now includes Indonesia's largest on-demand multiservice platform. Krasia estimates that the company's latest round of financing raised Go-Jek's valuation to between $ 8 and $ 10 billion. More than half of the transactions processed by Go-Jek are made via Go-Pay.

Coins.ph has grown to support a customer base of more than 5 million people in less than five years of operation, with the company claiming to have processed 6 million cryptocurrency transactions in December 2018.

Many Filipinos do not have access to basic financial services

Both companies have their eyes riveted on the Philippine market, where 77% of adult citizens do not have a bank account. While few citizens have access to financial services, nearly 70% of Filipino citizens use a mobile phone, a confluence of demographic data that, in the opinion of many badysts, push the Filipino market for widespread adoption of cryptocurrency.

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Ron Hose, founder and CEO of Coins.ph, said, "In just a few short years, our team has been able to create a scalable service offering financial services to millions of Filipinos … Together, we have a tremendous opportunity Thanks to the resources and expertise of Go-Jek, we can give Filipinos even more convenience, choice and access to the services they want. "

Aldi Haryopratomo, President and CEO of Go-Pay, said, "We are excited to be working with Coins.ph, a company that shares our philosophy of empowering communities by integrating more people into the economy. digital. There are many similarities in consumer behavior in Indonesia and the Philippines, and with Coins.ph, we look forward to similar success in accelerating cashless payments in the Philippines. "

What is your response to Go-Jek's acquisition of a majority stake in Coins.ph? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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