Traveloka, Southeast Asia’s largest online travel startup, will issue a credit card with Indonesia’s PT Bank Rakyat Indonesia linked to its booking services. The travel app is targeting many users across the Indonesian archipelago who have little or no access to traditional banking or reliable internet.
Founded by three engineers in 2012, Traveloka -- said to be valued at around $2 billion in 2017 -- has expanded across Southeast Asia by making it easier for consumers to book flights and hotels within the region. It’s raised at least $500 million from investors including Hillhouse Capital and Sequoia. Henry Hendrawan, president of Traveloka operations, said the card was one facet of building a fintech business to complement its travel, accommodation and lifestyle services.