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Grab
did not disclose the deal value. Reuters in February reported
Grab's plan to buy Kudo for over $100 million, citing a person
close to the matter. (click http://www.reuters.com/article/us-indonesia-grab-m-a-idUSKBN15S0VG)
Grab, the main Southeast Asian rival of Uber Technologies Inc [UBER.UL],
said the deal would come under the $700 million it has committed
to invest in Indonesia over the next four years.
Founded in 2014, Kudo helps consumers with no bank accounts and
based in small towns and cities make online payments through its
agents. Kudo in the statement said the acquisition created
immediate synergies with its existing business.
The two firms also plan to explore opportunities to increase the
types of financial services that Kudo could offer, including
insurance and consumer loans, said Grab.
Upon closing the deal, the Kudo team and platform will be
integrated with Grab's online payment service GrabPay.
In a separate statement, Grab said it has hired Jason Thompson,
previously of U.S. electronic payments company Euronet Worldwide
Inc <EEFT.O>, as head of GrabPay to be based in Singapore.
(Reporting by Aradhana Aravindan; Editing by Christopher
Cushing)
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