OVO (payment service)
|Founded||25 September 2017|
Number of locations
|Jaygan Fu Ponnudurai, Karaniya Dharmasaputra|
|Owner||Grab 79.5%, remainder local investors|
OVO, officially PT Visionet Internasional, is a digital payment service based in Jakarta, Indonesia. It was established in 2017 with an e-money license from Bank Indonesia. In 2019, OVO was recognized as Indonesia's first finance-tech business unicorn, and Indonesia's leading digital payment service.
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.
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.
In December 2017, it was announced that Tokyo Century Corporation had invested US$116 million for a 20% stake in the startup.
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   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, 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.
Prominent firms that OVO is known to be working with for these financial services products include Adira Finance (a member of MUFJ Group), Bank BRI Manulife Aset Manajemen Indonesia and Prudential Indonesia among others.
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