Go-Jek is now nursing ambitions for a larger share of the South-East Asian market, currently dominated by Singapore-based Grab.
It’s unclear how much Thailand’s biggest bank is investing in Go-Jek, 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, they added.
Established over a century ago by royal charter, Siam Commercial Bank is Thailand’s oldest homegrown lender. It’s the latest to join Go-Jek’s ongoing series-F round, a term denoting late-stage financing.
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