LinkAja announced a strategic investment from Gojek with an undisclosed value. Gojek joins the fundraising through the issuance of Series B preference shares. Previously mentioned, the company would raise a total investment of over $100 million  (more than Rp1.4 trillion) through this round.

This news confirms the first time both Grab and Gojek have invested in the same company, which is actually part of a state-owned company.

LinkAja’s CEO, Haryati Lawidjaja expressed his gratitude at Gojek’s entrance as a shareholder in LinkAja. “Gojek’s arrival as a strategic shareholder will provide LinkAja access to the Gojek ecosystem to support LinkAja’s mission to accelerate financial inclusion in Indonesia,” she said in an official statement, Tuesday (9/3).

Gojek’s Co-CEO, Andre Soelistyo added, “Our mission is to increase financial inclusion by providing the widest possible access to financial services for unbanked and underbanked people in line with LinkAja’s commitment […] This collaboration provides an opportunity to combine the power of technology and area coverage of ​​each company.”

As part of the partnership, LinkAja will expand payment method options for certain services in the Gojek application. Previously, LinkAja is available for transportation services and ticket reservations. Thus, users and business players can have more options for transactions, while providing added value for the millions of people who use Gojek and LinkAja services.

Both companies will complement each other. LinkAja focuses on payments for retail purchases, public services, and daily goods with 80% of its users coming from second and third-tier cities. Meanwhile Gojek, through GoPay, serves the needs of the retail and business sectors, especially MSMEs, as well as daily needs on the Gojek platform.

Previously, on November 10, 2020, LinkAja announced a Series B funding led by Grab. Followed by the previous investors, including Telkomsel, BRI Ventures, and Mandiri Capital. LinkAja’s current valuation is yet to be revealed. This is the first funding for LinkAja from non-state-owned companies.

LinkAja alone is increasingly focused on enriching features as collaborating with its ranks of investors. Recently, with Pegadaian to provide financial services such as Gold Savings for a new account and top up balances, Micro Installments, Collateral, and Repeated Lending.

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Original article is in Indonesian, translated by Kristin Siagian