South East Asian online travel startup Traveloka announced plans to launch buy now, pay later services in Thailand and Vietnam to its 40 million active monthly users.
Traveloka’s president said in an interview to Reuters that the startup had recently partnered with a Thailand bank in a joint venture to further collaborate in the fintech space. It has also been in talks with several unnamed partners in Vietnam in a bid to enter these markets.
Having launched its financial services in Indonesia, Traveloka said that it has facilitated more than 6 million loans, launched “Paylater” credit cards with several local lenders while offering insurance and wealth management services.
Traveloka added that it could potentially acquire a bank in Indonesia similar to Gojek’s move in acquiring a 22% stake in Bank Jago as part of its push into the fintech space.
The president added that Traveloka is currently preparing for an US listing with special-purpose acquisition companies (SPACs) and did not rule out the possibility of having an Indonesian listing in the future.
Despite the COVID-19 pandemic, Traveloka has reportedly rebounded with its business in Vietnam exceeding pre-COVID-19 levels. Meanwhile, its Thailand business returned to normalcy and its Indonesian figures are 50% of what it was before the pandemic.
Caesar Indra, President of Traveloka told Reuters,
“The worst has happened and now we’re well prepared for 2021. Domestic travel is driving recovery.
The plan is to invest in fintech in a big way to allow more consumers to travel in the region,”
Reuters quoted a source saying that Bridgetown Holdings, backed by Asian tycoon Richard Li, Provident Acquisition and Cova Acquisition are eyeing stakes in Traveloka with a potential valuation of up to $5 billion.
Traveloka has clinched the unicorn status with a total funding of US$ 1.2 billion to date according to Crunchbase.
Featured image credit: Traveloka