SINGAPORE (Reuters) – Southeast Asian ride-hailing firm Grab on Monday said it has agreed to buy Indonesian online payment startup Kudo, marking the earliest investment under a recently announced arrange to commit $700 million to its largest market.
Grab could not disclose the sale value. Reuters in February reported Grab's prefer to buy Kudo for more than $100 million, citing a person near the matter. (click http://www.reuters.com/article/us-indonesia-grab-m-a-idUSKBN15S0VG)
Grab, the principle Southeast Asian rival of Uber Technologies Inc [UBER.UL], said the deal belly below the $700 million it’s sold on put money into Indonesia over the next four years.
Founded in 2019, Kudo helps consumers without having bank accounts and situated in small towns and cities make online payments through its agents. Kudo in the statement said the acquisition created immediate synergies featuring a existing business.
The two firms also will explore the possiblility to raise the different types of financial services that Kudo could offer, including insurance and consumer loans, said Grab.
Upon closing the sale, the Kudo team and platform will probably be integrated with Grab's online payment service GrabPay.
In a different statement, Grab said hello has hired Jason Thompson, previously of U.S. electronic payments company Euronet Worldwide Inc (O:EEFT), as head of GrabPay being situated in Singapore.