OVO (payment)

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OVO
PT Visionet International
OVO
Industry
Founded25 September 2017
FoundersLippo Group
Headquarters
Number of locations
Indonesia
Key people
Karaniya Dharmasaputra
Websitewww.ovo.id

OVO is a digital payment service based in Jakarta, Indonesia. It is a digital platform for simple payment and smart financial services, with affiliated merchants, business partners and members in its ecosystem. OVO is the leading digital payment service in Indonesia based on transaction value.[1]

It is a unicorn, which is valued about $2.9 billion as of October 2019.[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 part of Lippo Group,[3] which has partnerships with Grab and e-commerce platform Tokopedia.[4]

History[edit]

OVO's journey began back in 2016 as an app that offered payments, loyalty points and financial services backed by Lippo Group's digital arm. However it got permission to operate as a fintech company throughout Indonesia on 25 September 2017.[5] Ovo expanded into offline stores in early 2019.[6] As of March 2019, over 110 million people used Ovo, spread across 300 Indonesian cities.[6] Ovo reportedly acquired a local peer-to-peer lending company Taralite in early 2019.[6]

See also[edit]

References[edit]

  1. ^ "Ovo confirms unicorn status". Tech in Asia. Retrieved 14 November 2019.
  2. ^ "OVO becomes Indonesia's fifth unicorn startup, Rudiantara says". The Jakarta Post. Retrieved 14 November 2019.
  3. ^ "IT Minister Says OVO Is Indonesia's Fifth Unicorn". Jakarta Globe. Retrieved 14 November 2019.
  4. ^ "Exclusive: Grab in talks to merge Indonesian payment firms to overtake Gojek - sources". Reuters. Retrieved 14 November 2019.
  5. ^ "OVO's Thompson: "We're moving forward from payments into financial services"". The Asian Banker. Retrieved 14 November 2019.
  6. ^ a b c Singh, Pooja (28 March 2019). "How Ovo Has Grown to be Indonesia's Largest Digital Payments Platform". Entrepreneur.