Go-Jek, the Indonesian unicorn, the ride-hailing firm has confirmed that it has acquired a significant chunk of a stake in Philippines-based fintech company Coins.ph for an undisclosed sum. While there is no confirmation from both the involved parties, as per the reports, the deal is worth $72 million.
Coins.ph was started in 2014 by Ron Hose and Runar Petursson ; the firm offers an app in the form of a mobile wallet which helps customers in payments, phone top-up, bill payment, public transport rides and more. The company was initially offering only crypto exchange services.
The company had secured $10 million in investment ever since its inception from the notable names like Naspers, Global Brain Corporation, Innovation Endeavors, Wavemaker Partners, Digital Currency Group, Quona Capital Rebright Partners, BEENEXT, and Pantera Capital.
Hose, the CEO of Coins.ph, in a conversation with Techcrunch had revealed that the company was planning to raise more money but they got the offer from Go-Jek. Speaking on that front to Techcrunch, Hose said, “We had to make a decision on how we want to continue growing our business, and we felt like ultimately together with Go-Jek we could build something that is overall bigger and better for our customers."
Go-Jek, on the other hand, is looking for a rapid expansion in the Philippines and this move is aimed towards that goal. With this acquisition, Coins.ph will work with GoPay with an aim to “to encourage a cashless society and enhance access to financial services in the Philippines.”
Nadiem Makarim, the Go-Jek CEO commenting on the deal said, “With the second largest population and a strong domestic economy, the Philippines is one of the most exciting markets in Southeast Asia and through this partnership with Coins.ph, we are humbled to take part in the country’s digital payments transformation."
Talking further Makarim said that they were fully committed to the Philippines and will use the tech to help improve everyday lives and create a positive social impact.
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