Banking News

Ribbit Capital Invests in Bank Jago, Indonesia’s First Full Digital Bank

Ribbit Capital Invests in Bank Jago, Indonesia’s First Full Digital Bank

(5 October 2021 – Indonesia) US venture capital firm Ribbit Capital, a fintech solution partner of Walmart, has bought a minority stake in a Jakarta-based digital bank, Bank Jago.

Bank Jago, Indonesia's first full digital bank, aims to tap not only urban customers but also the low-income in the country who are often underserved. The Bank has already teamed with ride-hailing app Gojek and online shopping finance platform Akulaku.

Other key shareholders of Bank Jago include PT Metamorfosis Ekosistem Indonesia, Gojek’s GoPay, Northstar Group and Singapore sovereign wealth fund GIC.

"This is an important validation that one of the world’s leading fintech investors, Ribbit Capital, recognises Bank Jago’s impact on progressing digital financial inclusion in Indonesia. As we continue our mission of providing digital banking services to Indonesian consumers and SMEs, we welcome world class investors participating and support,” said Bank Jago President Director, Kharim Siregar.

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