- GoTo Group and TikTok join forces to launch buy now, pay later (BNPL) offering.
- David Chen, ex-Atome CEO, to spearhead GoTo’s BNPL business.
- GoTo’s fintech segment surges, poised for dominance in Indonesia’s evolving digital landscape.
Indonesian tech titan GoTo Group is poised to unleash a formidable buy now, pay later (BNPL) offering in collaboration with TikTok.
This strategic move comes months after the two firms finalized the merger of Tokopedia and TikTok Shop, solidifying their e-commerce dominance.
BNPL battleground heats up
Doubling down on financial services to drive growth, GoTo has bolstered its ranks with David Chen, the co-founder and former CEO of BNPL platform Atome, now spearheading GoTo’s consumer lending and BNPL business.
Thomas Husted, GoTo Financial’s head and the group’s COO, revealed during the Q4 2023 earnings call that BNPL holds immense growth potential, stating, “Our goal is that GoTo Financial ends up as the most preferred partner with both TikTok Shop and Tokopedia’s platform.”
Fintech firepower fuels expansion
While BNPL competitors like Akulaku and Kredivo operate in Indonesia, GoTo’s financial services segment is expected to be a significant growth driver.
In Q4 2023, gross revenue from GoTo’s fintech business soared 25.8% year-on-year to 605 billion rupiah ($39 million).
With its consumer lending arm’s loan book swelling 32% quarter-on-quarter to 1.9 trillion rupiah ($120.9 billion), GoTo is poised to unleash its fintech firepower, bolstered by the TikTok partnership and its ambitions to dominate Indonesia’s rapidly evolving digital landscape.
To read the original article: https://www.techinasia.com/goto-tiktok-launch-bnpl-service-indonesia
