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GoTo Financial

“Can GoTo own the financial operating system for Indonesia's underbanked majority by bundling wallet, BNPL, merchant acquiring and bank-partner accounts into a single super-app stack?”

Founded2010
HQJakarta, Indonesia
IndustryFintech / SMB banking
The story

Founded as Gojek in 2010, the company built an embedded payment wallet (GoPay) in 2016 to reduce cash friction in its ride-hailing flows. It then bought its way into merchant payments (Midtrans, MOKA) in 2018, partnered with Bank Jago for embedded banking in 2020, and merged with Tokopedia to form GoTo in 2021. GoTo Financial is now the financial-services arm — a vertically integrated stack covering wallet, BNPL (GoPayLater via Findaya), merchant acquiring (Midtrans), POS (MOKA), insurance, gold/mutual-fund investments and bill payment — almost entirely self-operated under Indonesian licenses rather than via Western embedded-finance vendors.

Last 12 months
2024-07
Product timeline
2010
Gojek founded as a motorcycle taxi call centre in Jakarta.· pivot
2016
Launch of GoPay, a digital payment solution on the Gojek app.· banking
2018
Acquisition of Midtrans (payment gateway) and MOKA (cloud POS).· acquisition
2020
GoPay partners with Bank Jago to embed bank account opening.· banking
2021
GoTo Group formed via Gojek + Tokopedia merger; GoPay & GoPayLater roll out on Tokopedia.· pivot
2022
GoTo IPO on the Indonesia Stock Exchange (IDX).· ipo
2023
Standalone GoPay app launched to reach non-Gojek users.· banking
2024
GoPay Later launched as BNPL on TikTok's ShopTokopedia.· lending
Regulated entities
2
regulatory licences held by GoTo Financial
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in GoTo Financial’s embedded-finance stack
Payments / PSP
GoPay (self-operated)Midtrans (self-operated)GoTo Financial payment gateway (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: minor
6 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.