Its expansion into providing financial services comes in the wake of a collaboration with Thailand’s biggest lender, Siam Commercial Bank Pcl.
As per an executive from Indonesian ride-hailing app Go-Jek, the company will start offering more financial services and expand its Thai food delivery business.
The development comes in the wake of an investment from Thailand’s Siam Commercial Bank Pcl, the country’s top lender.
Siam Commercial Bank Pcl made a “significant investment” in Go-Jek’s Series F funding round.
Earlier this year Go-Jek, raised around $1 billion, in its latest funding round which saw it valued at up to $10 billion.
According to Andrew Lee, a tie-up with SCB, will enable Go-Jek to add to its app the bank’s products in payments, digital lending and insurance; these financial services will be rolled out in the coming months.
Under its Get brand, Go-Jek had begun motorcycle rides and food delivery services in Thailand following increased competition from Singapore-based Grab.
According to Get, it has more than 20,000 drivers on its app.
“Our products will be connected, SCB will oversee finance while Go-Jek and Get will look at digital and logistics,” said Arak Sutivong, SCB’s President at a news conference.
“We have more then 20 services, in Indonesia…we will pick and choose the best playbook for Thailand and carefully curate that,” said Lee while adding they wanted to focus on food delivery.
Launched in 2011, Go-Jek has evolved from ride-sharing to allowing its customers to make online payments and order everything from food, to groceries to massage.
Go-Jek is also testing the waters for deliver-only restaurants, also known as cloud kitchens, in Indonesia where these are becoming an important source of growth, said Lee.