Gojek Nears Deal for Mobile Payments Startup

With Gojek aiming to become a major player in Indonesia’s digital payments space, the acquisition would help it compete with other regional giants like Grab.

Gojek is said to be close to finalizing a deal for Jakarta-based mobile point-of-sale (POS) startup Moka, «Bloomberg» reported on Wednesday.

The deal is said to be worth at least $120 million, the report said, citing people familiar with the talks. The two sides were reportedly in talks earlier this year. However, Gojek co-founder and CEO Nadiem Makarim stepped down in October to join the Indonesian cabinet. He was replaced by co-CEOs Andre Soelistyo and Kevin Aluwi.

Launched in 2011, the Indonesian ride-hailing giant has been expanding its platform to include a range of on-demand services and allow its customers to make online payments. Its GoPay digital payments platform is accepted at more than 420,000 online and offline merchants in 370 cities in Indonesia.

Founded in 2014, Moka runs a cloud-based POS system, enabling businesses to order stock, issue invoices, and accept payment from mobile wallets from iOS and Android devices. Its payment partners include Ovo, Akulaku, T-Cash, GoPay, Alipay, WeChat Pay, and more.

In 2015, the firm raised $1.9 million in a series A round led by East Ventures. It raised $24 million in a series B round, with new backers Sequoia India, Softbank Ventures Korea and the investment arm of Singapore’s Economic Development Board.