An executive said on Thursday that after an investment by Thailand’s top lender, Indonesia’s travel application, Go-Jek, will provide more financial services and expand its food distribution business in Thailand.
The Siam Commercial Pcl Bank said it made a “significant investment” in the Go-Jek’s Series F funding round.
The company raised about $ 1 billion a year earlier this year. It is estimated at up to $ 10 billion, according to sources.
Go-Jek’s leader Andrew Lee told Reuters that the connection with SCB would allow Go-Jek to add in its application bank products on payments, digital credit and security, to be postponed in the coming months.
Go-Jek began operations in Thailand with motorcycle trips and food delivery earlier this year under the brand Get, putting pressure on rival Singapore-based Grab. Get says there are over 20,000 drivers in her application.
“Our products will be linked, SCB will oversee funding, while Go-Jek and Get will look into digital and logistics,” SCB President Arak Sutivong said at a press conference.
Drivers, traders and clients will have more access to bank products, such as lending to small business and insurance, boosting the lender’s business.
“We have more than 20 services in Indonesia … we will pick and choose the best playbook for Thailand and carefully care,” Lee said, adding that they wanted to concentrate on providing food.
Starting in 2011, Go-Jek has evolved from sharing travel to allow its customers to make payments online and order everything from food to groceries to massage.
Grab, who also provides food, in January secured a $ 200 million investment from the Central Group’s restaurant and restaurant.
Lee said Go-Jek was also testing restaurants just to relax, or the kitchens of clouds, in Indonesia, where these are becoming an important source of growth.