Press Release - October 04, 2021

Ribbit Capital Invests in Bank Jago to Accelerate Financial Inclusion in Indonesia

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JAKARTA, Indonesia, October 4th 2021 - PT Bank Jago Tbk announced today that Ribbit Capital, one of the world’s leading fintech investors whose investments includes Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma, has invested in Bank Jago, an Indonesia-listed technology-based bank with a drive to accelerate financial inclusion in Indonesia.

Bank Jago launched its fully digital banking platform on April 15th, 2021, providing access to innovative banking services that makes money management simple, accessible, and collaborative. With the Jago app, users can open a bank account from the comfort of their homes in under ten minutes. 

In the last 12 months, Bank Jago has partnered with many ecosystems, including various lending, wealth management platforms and Indonesian decacorn Gojek, a strategic partner and significant shareholder, whose application now includes a cashless payment method powered by Jago for seamless in-app payments.

Indonesia - home to the world's 4th-largest unbanked population where 52% of adults (about 95 million people) do not own a bank account and a further 47 million adults are underbanked or have insufficient access to credit, investment, and insurance - represents an incredible opportunity for companies like Gojek and Jago. Its high and rising smartphone penetration of 70-80% also makes the population infrastructurally ready for digital banking.

Ribbit Capital’s Managing Partner MIcky Malka, said: "We are witnessing a revolution in digital banking around the world. Bank Jago is the first fully digital bank in Indonesia and has made tremendous progress towards growing digital banking services for Indonesians. Bank Jago’s commitment to serve Indonesia’s consumers with the best digital banking and fintech products matches global peers and we look forward to participating in this journey."

Bank Jago's President Director, Kharim Siregar, said: "This is an important validation that one of the world’s leading fintech investors, Ribbit Capital, recognises Bank Jago’s impact on progressing digital financial inclusion in Indonesia. As we continue our mission of providing digital banking services to Indonesian consumers and SMEs, we welcome world class investors participating and support.”
 

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About Ribbit

Ribbit Capital is a global investment firm with a mission to change the world of finance. Founded in 2012, Ribbit's mandate is to invest in the best entrepreneurs and businesses disrupting financial services. Its current investments include Robinhood, Affirm, Nubank, Coinbase and Credit Karma.

 

About Jago

Bank Jago is a technology-based bank serving both consumers and SMEs in the middle- and mass-market segments through strategic collaborations with ecosystem partners.

The Bank Jago journey began in 1992 in Bandung under the name PT Bank Artos Indonesia (Bank Artos). In June 2020, the bank was renamed and rebranded to PT Bank Jago Tbk, marking the start of a transformational journey to build a bank of the future.

After 27 years of serving the public, in 2019 Bank Artos has entered a new era with PT Metamorphosis Ecosystem Indonesia (MEI) and Wealth Track Technology Limited (WTT) as new controlling shareholders. Subsequently, in 2020, Bank Jago was joined by other notable strategic institutional investors such as Gojek (GoTo Financial) and GIC of Singapore. 

 

Further Information:

Astried Anggraini

Corporate Communication
PT Bank Jago Tbk

[email protected]

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