By James A. Loyola
Indonesia’s largest on-demand multi-service platform GOJEK is acquiring a majority stake in Philippine startup Coins.ph, one of the fastest-growing fintech companies in Southeast Asia.
GOJEK announced a partnership between its payments platform GO-PAY, the leading digital payments service in Indonesia, with Coins.ph.
As part of this collaboration, GOJEK is making a substantial acquisition of shares to support Coins.ph in its rapid growth to meet the financial needs of all Filipinos.
Through its market-leading mobile wallet, Coins.ph helps its customers to easily access a variety of financial services – including mobile airtime, remittances, and bill payments – on their mobile phones.
Coins.ph has grown its customer base to over 5 million in under 5 years, processing over 6 million transactions per month (as of December 2018).
It is supported by a small, young, and mostly local team, and in the process has attracted significant partners, as well as domestic and international investment.
“We are very proud to showcase the success of Philippine startups. In just a few years, our team has been able to build a scalable service extending financial services to millions of Filipinos,” said Coins.ph Founder and CEO Ron Hose.
He added that, “Coins.ph and GOJEK 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 GOJEK’s resources and expertise, we can give Filipinos even more convenience, choice, and access to the services they want.”