Gojek snags investment from biggest Thai bank

Singapore

RIDE-HAILING giant Gojek has secured an investment from Siam Commercial Bank, the Thai lender that counts King Maha Vajiralongkorn as its biggest shareholder, according to people familiar with the matter.

It's unclear how much Thailand's biggest bank is investing in Gojek, the people said, who asked not to be identified because the matter is private.

Their partnership will help Indonesia's most valuable technology startup bolster its financial services, while Siam Commercial is counting on online growth to help increase revenue.

South-east Asia's banks are increasingly teaming up with technology firms that are getting onto their turf, offering financial services from digital payments to consumer loans.

Thailand's Kasikornbank has invested US$50 million in Gojek's rival, Grab, and the pair intend to establish a co-branded mobile wallet.

Established over a century ago by royal charter, Siam Commercial Bank is Thailand's oldest homegrown lender. It's the latest to join Gojek's ongoing series-F round, a term denoting late-stage financing.

The startup has already raised over US$1 billion as of the round's first close. Alphabet's Google, JD.com and Tencent Holdings invested alongside Provident Capital.

This week, Gojek announced additional investment from Mitsubishi Motors, Mitsubishi and Mitsubishi UFJ Lease & Finance as part of the series F financing.

Gojek is valued at US$10 billion, according to CB Insights, and hosts more than 20 on-demand services on its platform from food delivery to cab-hailing. BLOOMBERG