Indonesian know-how conglomerate GoTo Group is making ready to launch a “purchase now, pay later” (BNPL) service in partnership with TikTok, based on Tech in Asia.
This improvement follows GoTo Monetary, the group’s monetary know-how division, appointing David Chen because the Head of Client Lending and BNPL operations.
Chen brings expertise from co-founding and main the BNPL platform Atome, and he retains his roles as Co-founder of the Advance Intelligence Group and Chairman at Atome Monetary.
The current merger of GoTo’s Tokopedia and TikTok Store was finalised in January this yr. Below the settlement, TikTok has pledged an funding exceeding US$1.5 billion into the three way partnership, thereby sustaining GoTo’s stake with out additional dilution.
Highlighting the lending phase’s significance, GoTo reported a 32% quarter-over-quarter development in its shopper lending portfolio. The corporate stated that it’s on a optimistic trajectory in direction of attaining breakeven in adjusted core earnings inside the present yr, a objective supported by recording its first quarterly revenue within the final quarter of 2023.
GoTo’s resolution is an attention-grabbing transfer because the sector has seen its fair proportion of BNPL operators both retracting or ceasing operations altogether. This raises questions on how GoTo plans to distinguish its providing and succeed the place others have confronted difficulties.
Featured picture credit score: Edited from Freepik
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