Aditya Hadi Pratama · · 1 min readTraveloka taps Gojek-backed Bank Jago for loan offering
Traveloka, an Indonesia-based online travel platform, has partnered with Gojek-backed Bank Jago to disburse loans through the former’s lending product Traveloka PayLater.
Bank Jago head of partnership lending acquisition Michael Jermia Tjahjamulia (left) and Traveloka Group CEO of financial services Doan Lingga / Photo credit: Traveloka
Founded in 2012, Traveloka allows users to buy transportation tickets, book hotel rooms, and schedule recreational activities on its platform. It launched its buy now, pay later product in 2018.
In April last year, the firm was said to be in advanced talks to go public in the US through a merger with Richard Li and Peter Thiel’s SPAC that would have boosted its valuation to US$5 billion. However, it hit the brakes on the listing a few months later.
See also: As digibanks rise, will Indonesia’s online lenders become obsolete?
Before this deal, Bank Jago had partnered with several local peer-to-peer lending companies to disburse loans such as Akseleran, Investree, and Modal Rakyat. The strategy proved successful as the bank hit profitability in 2021 after posting losses in the previous six years.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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