Ride hailing service provider Go-Jek has acquired a majority stake in Philippines-based blockchain technology developer Coins.ph, Tech in Asia reported today, citing an unnamed source.
The companies had already announced that Go-Jek had made an investment, described as “a substantial acquisition of shares,” without giving details of the size of its financial commitment, though two undisclosed industry sources told TechCrunch today the price was $72m.
Founded in 2014, Coins.ph operates a blockchain-powered software platform that enables unbanked users to access features such as a mobile wallet, financial remittance tools, bill payments, and online shopping with more than 100,000 merchants.
Go-Jek’s investment forms part of a strategic partnership that will consist of its own payment processing platform, Go-Pay, integrating with Coins.ph in a bid to increase cashless transactions in the Philippines.
Coins.ph had closed a $10m series A round in 2017 when Naspers Ventures, the corporate venturing arm of internet and entertainment group Naspers, led a $5m second tranche of the round.
Accion Frontier Inclusion Fund led an initial $5m close in 2016 that included Kickstart Ventures, a subsidiary of telecommunications firm Globe Telecom, and IdeaSpace Foundation, an incubator backed by telecoms group First Pacific.
BeeNext, Digital Currency Group, Innovation Endeavors, Global Brain, Pantera Capital, Rebright Partners and Wavemaker Labs also took part in the first close.
This article was amended on January 21, 2019 to reflect new information concerning the size of the transaction.
