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 has invested US$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. It’s the latest to join Go-Jek’s ongoing series-F round, a term denoting late-stage financing.
The startup has already raised over US$1 billion as of the round’s first close, Bloomberg reported in February. Alphabet’s Google, JD.com and Tencent Holdings invested alongside Provident Capital. This week, Go-Jek announced additional investment from Mitsubishi Motors, Mitsubishi Corp and Mitsubishi UFJ Lease & Finance 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 popularise an all-purpose consumer app similar to Tencent’s WeChat in China. It is valued at US$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.
