GoTo Financial Paylater Business Restructuring, from Findaya to MAB

As of August 4, 2023, GoTo Financial announced a unit switch finance that oversees the service GoPay Later. Previously platforms paylater was driven by PT Mapan Global Reksa (Findaya), then has now been taken over by PT Multifinance Anak Bangsa (MAB).

Fintech indeed it is one of the business lines that GoTo continues to improve, including recently they are trying to expand Gopay's reach with released a special application which can be used separately from the service Gojek -- even so, the Gopay feature can still be used through the application Gojek.

GoPay Later transition to MAB

To DailySocial.id, Head of Corporate Affairs GoTo Financial Audrey Petriny said, in November 2021 GoTo Financial officially acquired PT Rama Multi Finance, then it wasrebrand under the name PT Multifinance Anak Bangsa. The unit had previously held a license finance licensed and supervised by OJK.

The GoPay Later structure itself has been unique from the start. The BNPL platform has two products called GoPay Later and GoPaylater Cicil. Even though currently both are fully integrated and managed by MAB.

"The move to the GoPay Later service provider is one of our efforts to provide even better financial services to users. The new version of GoPay Later offers a higher limit of up to IDR 30 million, with a choice of installment tenors of 1, 3, 6, up to 12 months for provide flexibility and convenience for users in meeting their needs," said Audrey.

With this transfer, to enjoy the latest version of GoPay Later, users need to agree to the terms and conditions regarding data transfer from Findaya to MAB.

Menurut report ResearchAndMarkets, Gross Merchandise Value (GMV) services paylater in Indonesia has reached more than $4,6 billion in 2022. This figure is projected to continue to increase with a CAGR of 32,5% until 2028, so that it has the potential to record a GMV of up to $25,3 billion.

Low credit card penetration and high consumption on the platform E-commerce became the main cause of the installment system that was selling well in the market. Apart from GoTo, a number of other companies are also developing it paylater in a manner in-house (or through business units within a group). For example, Shopee with ShopeePaylater and Blibli with BlibliTiket PayLater which was developed through Indodana --- a sub-unit of Cermati, a startup fintech whose majority shares are owned by the Blibli group.

Findaya will focus on business lending

Also submitted, Findaya going forward, it will continue to operate under the auspices of GoTo Financial with a focus on the sector . Because as is known, Findaya already holds licenses and permits p2p loans from OJK.

"Through Findaya, we provide GoPay Pinjam (cash loan service) and GoModal (MSME partner loan service)," added Audrey.

Findaya is one of the sub-businesses owned by the developer of the arisan platform, Mapan, which was acquired Gojek since 2017. The startup was founded by Aldi Haryopratomo; he also served as CEO of Gopay from late 2017 to early 2021. Mapan's service continues to exist, now captained by Ardelia Apti. In fact, in 2022 they announced $15 million in Series A funding.