OVO (payment service)

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PT Visionet Internasional
OVO
Industry
Founded25 September 2017
FoundersLippo Group
Headquarters
Jakarta, Indonesia
Number of locations
Indonesia
Key people
Jaygan Fu Ponnudurai, Karaniya Dharmasaputra
OwnerGrab 79.5%, remainder local investors
Websitewww.ovo.id

OVO, officially PT Visionet Internasional, is a digital payment service based in Jakarta, Indonesia. Established in 2017 with an e-money license from Bank Indonesia, in 2019 OVO was recognized as Indonesia's first fintech unicorn[1] and the nation's leading digital payment service in Indonesia.[2]

OVO is the fifth unicorn in Indonesia after ride-hailing company Gojek, travel service firm Traveloka and two e-commerce companies Bukalapak and Tokopedia. OVO is owned by Grab and local investors.[3]

History[edit]

Ownership

OVO was founded by Lippo Group and received permission to operate as a fintech company throughout Indonesia on 25 September 2017 with an e-money license for Bank Indonesia.[4]

In December 2017, it was announced that Tokyo Century Corporation had invested US$116 million for a 20% stake in the startup.[5]

In 2018, Grab invested in OVO[6] and in 2019, Indonesian e-commerce giant Tokopedia has invested in OVO.[7]

In 2021, Grab increased its stake in OVO to 79.5%, acquiring Tokopedia and Lippo Group's shares together with a number of local investors.


Products and Services

OVO's core business is digital payment based on its e-money license. According to numerous sources, OVO is the leading e-money / digital wallet in Indonesia[8] [9] [10] for both online and offline transactions.

In addition to its core digital payment services, OVO has also moved into financial services. OVO offers lending services through Taralite (PT Indonusa Nusa Sejahtera), a P2P lending company that it acquired in 2019,[11] as well as investment products under OVO | Invest and insurance products under OVO | Proteksi in collaboration with partners.

OVO reported that its financial services verticals recorded good growth, claiming that OVO | Invest attracted more than 450,000 registered users in its first 3 months. Media reported that first product launched under OVO | Invest was the first money market fund in Indonesia to offer instant redemption.[12]

Prominent firms that OVO is known to be working with for these financial services products include Adira Finance (a member of MUFJ Group),[13] Bank BRI[14] Manulife Aset Manajemen Indonesia[15] and Prudential Indonesia[16] among others.

See also[edit]

References[edit]

  1. ^ Media, Liputan (4 October 2019). "Ovo Jadi Unicorn Kelima, Rudiantara Sebut Sesuai Target 2019". Ditjen Aptika. Retrieved 12 November 2021.
  2. ^ "Ovo confirms unicorn status". Tech in Asia. Retrieved 14 November 2019.
  3. ^ NASDAQ. "Grab to Take Majority Stake in Indonesia's OVO". NASDAQ. Retrieved 12 November 2021.
  4. ^ "OVO's Thompson: "We're moving forward from payments into financial services"". The Asian Banker. Retrieved 14 November 2019.
  5. ^ "The 2020 Indonesian E-wallet Race". M2 Insights. Retrieved 25 April 2020.
  6. ^ "Report: Grab invests in Indonesian payment platform to take on Go-Jek". www.spglobal.com. Retrieved 12 November 2021.
  7. ^ Maulani, Anisa (15 March 2019). "Tokopedia reportedly invests in e-wallet platform OVO". E27.
  8. ^ "The 2021 Mobile Wallets Report from Boku". boku.mobilewallet.report. Retrieved 12 November 2021.
  9. ^ Mediatama, Grahanusa (24 February 2021). "Riset UBS Global ungkap OVO kuasai 30% transaksi pembayaran digital di Indonesia". kontan.co.id (in Indonesian). Retrieved 12 November 2021.
  10. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 12 November 2021.
  11. ^ Singh, Pooja (28 March 2019). "How Ovo Has Grown to be Indonesia's Largest Digital Payments Platform". Entrepreneur.
  12. ^ "Indonesian E-Wallet OVO Rolls Out in-App Investment Product". Fintech Singapore. 3 February 2021. Retrieved 12 November 2021.
  13. ^ "Adira Finance Gandeng OVO, Bisa Beli Motor Cicilan Ringan Langsung dari Aplikasi | Finansial". Bisnis.com (in Indonesian). 17 June 2021. Retrieved 12 November 2021.
  14. ^ Safuroh, Faidah Umu. "BRI dan OVO Hadirkan Aplikasi Pinjaman Modal Digital bagi UMKM". detikfinance (in Indonesian). Retrieved 12 November 2021.
  15. ^ "Tech in Asia Indonesia - Komunitas Online Startup di Asia". id.techinasia.com. Retrieved 12 November 2021.
  16. ^ "Prudential Corporation Asia website". www.prudentialcorporation-asia.com. Retrieved 12 November 2021.