Two American giants, Facebook Inc., (NasdaQ: FB) and Paypal Holdings Inc., have joined other global tech players like Google, Tencent and other investors of Indonesian digital firm, GoJek in its current fundraise - Photo by the Company

JAKARTA (TheInsiderStories) – Two American giants, Facebook Inc., (NasdaQ: FB) and Paypal Holdings Inc., have joined other global tech players like Google, Tencent and other investors of Indonesian digital firm, GoJek in its current fundraise. This new investment will support the decacorn’ mission to boost its digital economy in Southeast Asian (SEA) market, with a focus on supporting payments and financial services.

Facebook’ investment is the first it has made in an Indonesia-based business as it seeks to create new opportunities for businesses in the country, including through its ubiquitous Whatsapp service. Matt Idema, chief operating officer at WhatsApp, said GoJek, WhatsApp and Facebook are indispensable services in Indonesia.

“Working together we can help bring millions of small businesses and the customers they serve into the largest digital economy in Southeast Asia,” he said in an official statement released today (06/03).

The statement said, as part of its commercial agreement, PayPal’ payment capabilities will be integrated into Gojek’ services and the two companies will also collaborate to allow customers of a digital wallet provider, GoPay, to gain access to PayPal’ network of more than 25 million merchants around the world.

Farhad Maleki, head for APAC at PayPal, said: “Southeast Asia is at an inflection point in digital adoption that creates new opportunities to deliver financial services to previously unbanked merchants and consumers. We could not be more excited about entering into this strategic relationship with GoJek to expand access and provide new experiences for our collective customers in this dynamic market and around the world.”

Last March, GoJek had received US$1.2 billion, bringing total funding for its F-Series round to almost $3 billion. The provider has raised a total funding $4.5 billion over nine rounds and will use the funds to expand the domestic businesses and enter the Southeast Asian market.

The latest influx of funding will support more of its payments business, GoPay, that has long been focused on increasing access to the digital economy among micro, small and medium enterprises (MSMEs). Since launching its app in 2015, GoJek has digitized hundreds of thousands of merchants on its platform, providing them with access to more than 170 million users across Southeast Asia.

Its payments business processes billions of transactions each year and owns the largest e-wallet in Indonesia. While, a large part of this is driven by GoFood as well as the expansion of GoPay into other sectors both within and outside the Gojek ecosystem.

Gojek co-CEO, Andre Soelistyo said: “By working together, we have the opportunity to achieve something truly unique as we aim to help more businesses to digitize and ensure that many millions more consumers are enjoying the benefits that the digital economy can bring. We see our role as a convener of global tech expertise, facilitating collaboration that will ultimately lead to a better future for everyone in our region”

GoJek was first established in Indonesia in 2009 as a call center to connect consumers to courier delivery and two-wheeled ride-hailing services. Gojek launched its application in 2015 with only four services: GoRide, GoSend, GoShop, and GoFood. Valued at $10 billion today, Gojek has transformed into a Super App, providing more than 20 services.

Written by Staff Editor, Email: theinsiderstories@gmail.com