Gojek Buys Slice of Indonesian Bank in Biggest Fintech Deal Yet
- The ride-hailing giant paid about $159.5 million for shares
- Gojek is vying with Grab to set up regional fintech services
Gojek aims to let users open bank accounts with Jago and then manage their finances through its app.
Photographer: Adriana Adie/NurPhoto/Getty Images
Indonesian internet giant Gojek paid about $160 million to increase its stake in PT Bank Jago, making its biggest investment in financial services to date.
GoPay, Gojek’s payments and financial services arm, bought almost 1.96 billion shares at 1,150 rupiah apiece, according to a stock exchange filing. The internet firm used call options to acquire its stake, completing the deal at a steep discount to Friday’s close of 3,900 rupiah and paying about 2.25 trillion rupiah ($159.5 million) in total. Combined with an existing stake of 4.14%, the additional investment takes Gojek’s holding in Bank Jago to 22.16%.