Coins.ph, a blockchain-enabled financial services platform, was acquired by dominant Indonesian ride-hailing and logistics company Go-Jek this January, for an undisclosed amount. The deal marks Go-Jek’s second acquisition of a company in the Endeavor network, following Mapan (PT RUMA) in 2017.
Founded and led by Endeavor Entrepreneur Ron Hose, Coins is Southeast Asia’s leading mobile blockchain-enabled platform that allows anyone, including those without bank accounts, to easily access financial services directly from their phone. Using Coins, customers have access to a mobile wallet and services such as remittances, air-time, bill payments, and online shopping at over 100,000 merchants who accept digital currency.
Though its population swells at 610 million people, Southeast Asia as a region has a bank penetration rate of 42% and a credit card penetration rate of a mere 5%. Operating in the Philippines and Thailand, Coins’ mission is to increase financial inclusion by delivering financial services directly to people through their mobile phones.
Founded in 2014, and selected into the Endeavor network in 2017, Coins has quickly established its dominance in the region. Coins claims five million registered users in the Philippines alone today, and has plans for further expansion. In fact, Coins was already in the process of raising a new round of funding when approached by Go-Jek, Ron reported to TechCrunch.
After the deal is finalized, Coins will continue operating as usual, while tapping into Go-Jek’s resources and experience. Read more about the acquisition in TechCrunch here.