Visa invests in Indonesian ride-hailing firm Go-Jek

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July 16, 2019 10:39 PM EDT

FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Visa (V) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson/File Photo

(Reuters) - Visa Inc (NYSE: V) said on Wednesday it has invested in Indonesia's Go-Jek as part of the ride-hailing company's ongoing Series F fundraising round.

The two companies will work together to provide more options for cashless payments for consumers across Indonesia and Southeast Asia, the U.S. payment processor said.

Visa did not mention how much money it was investing in Go-Jek or how big a stake it would acquire.

Launched in 2011, Go-Jek has evolved from ride-sharing to allowing its customers to make online payments and order everything from food to groceries and massage services.

The Indonesian company raised about $1 billion earlier this year and is valued at up to $10 billion, according to sources.

(Reporting by Sayantani Ghosh in Singapore, Editing by Sherry Jacob-Phillips)


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