Gojek Makes Financial Push in Indonesia With 22% Stake Acquisition in Bank Jago
Gojek has acquired 22% of Indonesia’s Bank Jago as part of a strategic partnership to offer financial services in Indonesia.
The investment, made through Gojek’s payments and financial services arm, will reportedly be worth 2.25 trillion Indonesian rupiah (US$159 million). The deal also does not alter the control of Jago, with Metamorfosis Ekosistem Indonesia and Wealth Track Technology continuing to be Jago’s controlling shareholders with a combined ownership of 51 percent.
The aim of this partnership is for Jago to provide access to digital banking services through Gojek’s platform, allowing Gojek’s millions of users to instantly open a bank account with Jago and better manage their finances via the Gojek app. The partnership will also act as a model through which Gojek will go on to partner with other banking institutions to support them in reaching more customers.