OVO, officially a product of PT Visionet International, is a digital payment service based in
Jakarta
Jakarta (; , Betawi language, Betawi: ''Jakartè''), officially the Special Capital Region of Jakarta (; ''DKI Jakarta'') and formerly known as Batavia, Dutch East Indies, Batavia until 1949, is the capital and largest city of Indonesia and ...
,
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...
. It was established in 2017 with an
e-money license from
Bank Indonesia,
and in 2019 was Indonesia's top digital payment service.
Owned by
Grab and local investors,
in 2019, OVO became Indonesia's first finance-tech business
unicorn
The unicorn is a legendary creature that has been described since Classical antiquity, antiquity as a beast with a single large, pointed, spiraling horn (anatomy), horn projecting from its forehead.
In European literature and art, the unico ...
.
History
OVO was founded by
Lippo Group
Lippo Group is an Indonesian multinational conglomerate company. The company operates internationally providing property development and management services. It was founded by Mochtar Riady. Lippo has a collective presence across Asia and No ...
and received permission to operate as a
fintech
Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...
company throughout Indonesia on 25 September 2017 with an e-money license for
Bank Indonesia.
OVO is a product of PT Visionet International, which is the digital financial services subsidiary of the Lippo Group.
OVO debuted a
digital wallet
A digital wallet, also known as an e-wallet or mobile wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and s ...
in September of 2017.
In December 2017, it was announced that Tokyo Century Corporation had invested US$116 million for a 20% stake in the startup. OVO added new financial services in 2018
and
Grab invested in the company.
In March 2019, Indonesian e-commerce company
Tokopedia invested in OVO.
That month, OVO's value was estimated at US$2.9 billion by CB Insights.
In October 2019, the
Minister of Communications and Information Rudiantara announced that OVO had become the fifth official Indonesian
unicorn
The unicorn is a legendary creature that has been described since Classical antiquity, antiquity as a beast with a single large, pointed, spiraling horn (anatomy), horn projecting from its forehead.
In European literature and art, the unico ...
after
Gojek
PT Gojek Indonesia (stylized in all lower case and stylized ''j'' as goȷek, formerly styled as GO-JEK) is an Indonesian on-demand multi-service platform and digital payment technology group based in Jakarta. Gojek was first established in Ind ...
,
Traveloka
PT Trinusa Travelindo, operating as Traveloka, is an Indonesian technology company focused on travel and ticketing. Operating a service website and mobile application of the same name and based out of Jakarta, Traveloka is active in eight coun ...
,
Bukalapak and Tokopedia.
OVO was also recognized as Indonesia's first finance-tech business unicorn.
PT Visionet International shareholders appointed Karaniya Dharmasaputra as president director of the company in 2019, replacing Andrian Suherman, who had led OVO for three years.
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.
In October of 2021, Grab bought out Tokopedia and raised its stake in OVO to 90% in the process, also buying stakes from Lippo Group.
Dyak NK Makhijani became President Commissioner at PT Visionet International in August of 2022, after Mirza Adityaswara left the OVO board of commissioners. At that time, 90% of OVO was owned by Grab.
Products and services
OVO's core business is digital payment based on its e-money license. According to a 2021 report by research company Kadence International, at the time OVO was the leading e-money / digital wallet in Indonesia for both online and offline transactions.
Also involved in 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 works with companies for these financial services products such as Adira Finance (a member of
MUFJ Group),
Bank BRI,
Manulife Aset Manajemen Indonesia, and
Prudential Indonesia.
See also
*
List of unicorn startup companies
*
List of Indonesian inventions and discoveries
This list of Indonesian inventions and discoveries details the Indonesian art, indigenous arts and techniques, Culture of Indonesia, cultural inventions, Science and technology in Indonesia, scientific discoveries and contributions of Indonesian ...
References
External links
*
{{SoftBank
Companies based in Jakarta
Indonesian brands
Financial services companies established in 2017
Internet properties established in 2017
Indonesian companies established in 2017