Gojek-backed digibank raises funding from Robinhood, Coinbase investor

Indonesia’s Bank Jago, a Gojek-backed digital bank, said it has received an undisclosed amount of backing from Ribbit Capital, an investor in companies such as Revolut, BharatPe, Robinhood, and Coinbase.

More funding details

• Sole investor: Ribbit Capital
• Stage: Undisclosed

More company updates

• The new funding comes after Bank Jago launched its fully digital banking platform in April, enabling Indonesians to open bank accounts from anywhere in under 10 minutes.
• In July, the company said it recorded a 695% year-on-year leap in loan disbursements.
• Gojek spent US$159 million for a 22% stake in Bank Jago in 2020. The move was followed by the entries of other internet giants such as Sea into Indonesia’s digibank industry. (Read: Why Indonesia’s tech giants find digital banks irresistible)
• Previously named Bank Artos, Bank Jago announced its rebranding in June 2020 to signify its move to the digital banking space.

For more coverage of the company, head here. You can also click on the link below to view key details about the company, as well as its funding history.