The ride-hailing giant says these acquisitions will enable it to provide an inclusive payment ecosystem for financial institutions, enterprises and SMEs, as well as banked and unbanked consumers

Indonesia’s leading mobile on-demand services and payment platform Go-Jek has acquired three fintech companies — offline payments processing firm Kartuku, payments gateway provider Midtrans, and local community-based saving and lending network Mapan.

The transaction details were not disclosed.

The ride-hailing giant said in a press note that these acquisitions will enable it to provide an inclusive payment ecosystem for financial institutions, enterprise and SME merchants, as well as banked and unbanked consumers. These deals will also helps Go-Jek expand the usage of its digital wallet unit Go-Pay.

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Post-deal, the CEOs of each of the three acquired businesses will take senior management positions at the Go-Jek group, with Aldi Haryopratomo of Mapan leading Go-Pay, Ryu Suliawan of Midtrans leading the group’s merchant platform, and Thomas Husted of Kartuku taking on the role of Go-Jek Group CFO.

Collectively, Kartuku, Midtrans and Mapan process close to US$5 billion of debit card, credit card and digital wallet transactions for its users, services providers and merchants.

Nadiem Makarim, Founder and CEO of Go-Jek, said: “Our technology supports the sharing economy and connects buyers, sellers, consumers and savers across the country. From the beginning, we have aimed to make life better for users, which is why we’ve grown to become an important part of the daily lives of millions of Indonesians.”

“We have collaborated with Kartuku, Midtrans, and Mapan and followed their progress for a number of years and are looking forward to working together on a shared mission to stimulate economic growth and improve lives through increased financial inclusion in Indonesia. This is in line with the Indonesian government’s aspiration for the country to become the largest digital economy in Southeast Asia by 2020,” he added.

Started in 2015, Go-Jek is a ride-hailing, food delivery, logistics and digital wallet company with 900,000 drivers, more than 125,000 merchants and over 100 million transactions processed through its platform per month.

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Kartuku was launched in 2011 by Niki Luhur as an offline payments company. It currently serves top 100 enterprise retailers in Indonesia, operates 150,000 point-of-sales payment devices, and has partnerships with nine acquiring banks. It also integrates with issuing banks, e-money providers and offers value-added services such as promotions and vouchers.

With this acquisition, Kartuku will focus on the Go-Pay offline use case by integrating acceptance of the mobile wallet into our existing enterprise merchant network. Concurrently, Kartuku will work closely with Go-Jek’s services such as Go-Food and Go-Mart to provide offline payment infrastructure to their 125,000 merchants.

Midtrans was founded in 2012 by Ryu Suliawan. Today, it is one of the largest online payment processors in Indonesia through partnerships with Indonesia’s banks, airlines, e-commerce retailers and fintech companies. Midtrans currently works with over 3,000 online merchants processing 18 different local payment methods.

Mapan is a community-based financial network that harnesses the power of Indonesian communities, allowing people to work together to save for quality goods. Over one million families in 100 cities in Indonesia have become members of Mapan. Aldi Haryopratomo founded the company in 2009, growing it from scratch to the organisation of close to 2,000 employees that it is today.

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