Funds News

SE Asia travel app Traveloka launches credit card with Indonesia's Bank Mandiri

SINGAPORE Feb 18 (Reuters) - Traveloka, Southeast Asia’s largest online travel firm, has launched a second credit card in Indonesia, this time in partnership with state-owned Bank Mandiri, it said on Tuesday.

The seven-year-old company, which is valued at more than $4 billion, already issues a credit card in cooperation with Bank Rakyat Indonesia, the country’s second biggest lender by market cap, which it launched in September.

Traveloka president Henry Hendrawan told Reuters late last year he expected financial services to become a $1 billion business for the firm in 2020.

Backed by U.S travel giant Expedia, Chinese e-commerce giant JD.Com and Singapore state wealth fund GIC Pte Ltd, the firm claims 35 million active users in seven countries and has raised over $900 million in investments. (Reporting by Fanny Potkin; Editing by Jan Harvey)