Ribbit Capital Makes Investment in Bank Jago to Support Financial Inclusion Efforts in Indonesia

PT Bank Jago Tbk recently announced that Ribbit Capital, which is one of the leading Fintech investors whose investments includes Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma, has made an investment in Bank Jago, an Indonesia-listed tech -based bank with “a drive to accelerate financial inclusion in Indonesia.”

Bank Jago introduced its all-digital banking platform on April 15, 2021, offering access to the  latest banking services that makes money management “simple, accessible, and collaborative.” With the Jago app, users are able to open a bank account “from the comfort of their homes in under ten minutes.”

The announcement also mentioned that during the past 12 months, Bank Jago has teamed up with many ecosystems, such as 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 – which is home to the 4th-largest unbanked population in the world and where 52% of adults (about 95 million residents) don’t maintain 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,” the announcement noted.

Ribbit Capital’s Managing Partner, Micky Malka, stated:

“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, remarked:

“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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