Indonesian ride-hailing app Go-Jek has bought a stake in Filipino digital wallet startup Coin.ph.

Financial terms of the deal were not disclosed, though it is said to involve a substantial acquisition of shares.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Powered by blockchain, Coins.ph facilitates various services such as mobile airtime, remittances, and bill payments.

Go-Jek investment

The company currently has a client base of more than five million and processes over six million transactions on a monthly basis.

Coins.ph founder and CEO Ron Hose said: “Coins.ph and Go-Jek share the same vision that has made each a success in their markets, empowering their customers by giving them lower-cost and more convenient access to services.

“Together, we have a tremendous opportunity and by leveraging Go-Jek’s resources and expertise, we can give Filipinos even more convenience, choice, and access to the services they want.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Under the agreement, Coin.ph will work alongside Go-Jek’s payments platform Go-Pay to improve access to cashless payments, banking services as well as support financial inclusion in the Philippines.

The management of Coins.ph will retain their existing roles.

Go-Jek founder and CEO Nadiem Makarim said: “With the second largest population and a strong domestic economy, the Philippines is one of the most exciting markets in Southeast Asia. Supporting the success of a local fintech entrepreneurial champion like Coins.ph, with a similar ambition to empower society through innovation and technology, has always been part of our passion for growth.

“Today’s announcement marks the start of our long-term commitment to the Philippines and a continuation of our mission to use technology to improve everyday lives and create a positive social impact.”