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Thailand’s Siam Commercial Bank Invests into Go-Jek

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BANGKOK – Indonesian Ride-hailing giant Go-Jek know as Go-Get in Thailand has secured an investment from Siam Commercial Bank Pcl.

It’s unclear how much the Siam Commercial Bank is investing in Go-Jek.

Their partnership will help Indonesia’s most valuable technology startup bolster its financial services, while Siam Commercial is counting on online growth to help increase revenue, they added.

Southeast Asia’s banks are increasingly teaming up with technology firms that are getting onto their turf, offering financial services from digital payments to consumer loans.

Thailand’s Kasikornbank Pcl has invested $50 million in Go-Jek’s rival, Grab, and the pair intend to establish a co-branded mobile wallet.

Established over a century ago by royal charter, Siam Commercial Bank is Thailand’s oldest homegrown lender.

Siam Commercial Bank is the latest to join Go-Jek’s ongoing series-F round, a term denoting late-stage financing.

The on-demand platform developer, Gojek is officially launched Get as part of its expansion in Bangkok, Thailand

The startup has already raised over $1 billion as of the round’s first close, Bloomberg reported in February.

Alphabet Inc.’s Google, JD.com Inc. and Tencent Holdings Ltd. invested alongside Provident Capital.

This week, Go-Jek announced additional investment from Mitsubishi Motors Corp., Mitsubishi Corp. and Mitsubishi UFJ Lease & Finance Co. as part of the series F financing.

Go-Jek, which debuted its app for hailing motorbike taxis in Jakarta in 2015, is expanding beyond Indonesia to cater to consumers across Southeast Asia, aiming to popularize an all-purpose consumer app similar to Tencent’s WeChat in China.

It is valued at $10 billion according to CB Insights, and hosts more than 20 on-demand services on its platform from food delivery to cab-hailing.

Representatives of the bank and Go-Jek declined to comment.

Source: Bloomberg