Fintech

Indonesian fintech startup Ovo expects to breakeven in 2-3 yrs

The Lippo and Grab-backed startup, last valued at about $2.9 billion, is riding Indonesia’s cashless payments wave to bring merchants and financial institutions timely consumer insights. Ovo’s CEO Jason Thompson sees a fresh fundraising drive next year to support growth.

Students using a vending machine on a university campus west of Jakarta are doing more than just buying fizzy pop. By generating a matrix barcode on their smartphones to complete the purchase, they are also sharing their gender, age and shopping habits with one of Indonesia’s largest payments applications, Ovo. 

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