Facebook and PayPal are investing in Indonesian ride-hailing start-up Gojek, joining technology giants such as Google and Tencent, the company said on Wednesday.
The investment by Facebook and PayPal is a boost to Gojek’s payments and financial services business as it competes with Singapore-based rival Grab.
“By working together, we have the opportunity to achieve something truly unique as we aim to help more businesses to digitize and ensure that many millions more consumers are enjoying the benefits that the digital economy can bring,” Gojek co-chief executive Andre Soelistyo said in a statement.
Gojek’s ride-hailing app was first introduced in 2015. Its payment business, GoPay, has become the largest e-wallet in Indonesia, driven by the company’s popular delivery service GoFood.
PayPal’s investment will allow its payment service to be integrated into Gojek’s services, Gojek said.
GoPay customers will also be able to gain access to PayPal’s network of more than 25 million merchants around the world, it said.
Facebook’s investment is the first the social media giant has made in Indonesia. The company’s Whatsapp texting service is among the most popular messaging services in the South-east Asian country.
“Working together we can help bring millions of small businesses and the customers they serve into the largest digital economy in South-east Asia,” said Matt Idema, WhatsApp chief operating officer.