Ribbit Capital Snaps up a Minority Stake in Indonesian Digital Bank Jagoby Fintech News Indonesia October 6, 2021
Venture capital firm Ribbit Capital has snapped up a minority stake in Bank Jago, a Gojek-backed digital bank.
Ribbit Capital had previously invested in Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma.
Prior to this, ride hailing super app Gojek had acquired a 22% stake in Bank Jago who had launched its fully digital banking platform in April 2021. Gojek’s app now includes a cashless payment method powered by Jago for seamless in-app payments.
In the last 12 months, Bank Jago has partnered with many ecosystems, including various lending and wealth management platforms.
Bank Jago’s President Director, Kharim Siregar said,
“This is an important validation that one of the world’s leading fintech investors, Ribbit Capital, recognises Bank Jago’s impact on progressing digital financial inclusion in Indonesia.
As we continue our mission of providing digital banking services to Indonesian consumers and SMEs, we welcome world class investors participating and support.”
Micky Malka, Ribbit Capital’s Managing Partner said,
“We are witnessing a revolution in digital banking around the world. Bank Jago is the first fully digital bank in Indonesia and has made tremendous progress towards growing digital banking services for Indonesians.
Bank Jago’s commitment to serve Indonesia’s consumers with the best digital banking and fintech products matches global peers and we look forward to participating in this journey.”