Indonesia’s leading ride-sharing and digital wallet company acquires lending and saving network
San Francisco, CA, January 22—Patamar Capital portfolio company MAPAN (formerly known as RUMA), has been acquired by GO-JEK, Indonesia’s preeminent digital-wallet provider. The transaction represents the first investment exit for Patamar Capital’s Fund I. By acquiring MAPAN, Indonesia’s leading local community-based saving and lending network, GO-JEK plans to expand its reach into rural areas and to build a nationwide platform to serve the needs of low and middle-income Indonesians.
Since Patamar I’s original investment in August 2015, MAPAN founder Aldi Haryopratomo and team have built the largest niche eCommerce platform for low-income Indonesian communities by focusing on community-based financial technology services, increasing financial literacy, and helping Indonesian families change their financial habits. The platform offers microfinance services and enables users to access funds as well as information by empowering independently owned shops or factories with technology in the form of a mobile app.
Go- Jek founder and Chief Executive Officer Nadiem Makarim said. “We are now taking Go-Jek to the next stage.This marks a significant development in our position at the heart of Indonesia’s vibrant fintech industry.”
Go-Jek is now Indonesia’s largest food-delivery business and leading digital-wallet provider, with more than 900,000 drivers,125,000 merchants and 100 million transactions processed through its platform every month. The startup has become the leading mobile-based consumer platform in Indonesia, with 15 million weekly active users and 100 million transactions processed per month.
“Since our first investment from the Patamar I Fund less than two and a half years ago, it has been a privilege to support Aldi and help the entire MAPAN team achieve their vision,” said Beau Seil, Managing Partner at Patamar Capital. “Today’s announcement represents our first investment exit for Patamar I and underscores the MAPAN team’s ingenuity, tenacity and pioneering spirit. We proudly look forward to watching MAPAN embark on the next chapter of its story with GO-JEK as it continues to unlock economic opportunities for low income communities in Indonesia and beyond.”
About Patamar Capital
Patamar Capital exists to unlock economic opportunities for Asia’s low-income communities. It invests in and supports visionary entrepreneurs solving South and Southeast Asia’s most pervasive problems at scale.
Patamar I: the firm’s $45 million venture capital fund has helped improve the economic lives of over 1.5 million low-income individuals across South and Southeast Asia. Since 2014, it has invested in 14 companies across six countries including MAPAN, MicroBenefits, and Topica Edtech Group.