Three years after acquiring Philippines-based Coins.ph, Indonesia’s Gojek has sold the e-wallet startup for at least twice the amount it paid for the company back in January 2019.

Several regional investors familiar with either Coins.ph—also called Coins—or Gojek confirmed the deal. The buyer is Wei Zhou, the former chief financial officer of global crypto exchange Binance. Zhou left the company abruptly in June 2021.

The Ken reached out to Zhou and Gojek. In a Telegram message to The Ken, Zhou confirmed the deal but didn’t elaborate further.

“We’re confident the Coins.ph team, supported by its new management, will continue to further its mission of increasing financial inclusion and creating a positive impact in the Philippines.”

Gojek, in a statement to The Ken

The deal signifies two things.

AUTHOR

Ka Kay Lum

Based in Kuala Lumpur, Ka Kay covers investment activities, aka following the money, across Southeast Asia and in-depth stories on the often-overlooked Malaysian startup ecosystem. She was previously a regional writer for Nikkei-owned DealStreetAsia.

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