Indonesia’s leading ride-sharing and digital wallet company acquires lending and saving network
San Francisco, CA, January 22—Patamar Capital has completed the exit of its investment in local community-based saving and lending network, MAPAN (formerly known as RUMA), in a sale to GO-JEK, Indonesia’s leading digital-wallet provider. 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 with inclusive financial services and other life-enhancing products and services.
Since Patamar’s original investment, MAPAN has 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. It 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.
Founders of GO-JEK and MAPAN, Nadiem Makarim and Aldi Haryopratomo, look forward to working together in combining their companies’ offerings to improve the lives of all Indonesians.
“We are now taking Go-Jek to the next stage,” founder and Chief Executive Officer Nadiem Makarim said in a statement, as quoted by Bloomberg. “This marks a significant development in our position at the heart of Indonesia’s vibrant fintech industry.”
Go-Jek also acquired two other local financial-technology companies, offline payments processing company Kartuku and online payment gateway Midtrans, as it expands from ride-hailing and other mobile on-demand offerings into payments and other services. The acquisitions will take its combined debit card, credit card and digital wallet transactions to close to $5 billion, it said.
These acquisitions “will accelerate financial inclusion for millions of Indonesians and stimulate economic productivity throughout the country,” says Makarim.
Go-Jek is now Indonesia’s largest food-delivery business and the leading digital-wallet provider, with 900,000 drivers, more than 125,000 merchants and over 100 million transactions processed through its platform per 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 in August 2015, 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 6 countries—including MAPAN, MicroBenefits, and Topica Edtech Group.