Traveloka eyes regional fintech expansion, US listing

Indonesia-based travel startup Traveloka plans to launch financial services in Thailand and Vietnam while eyeing a US listing through a blank-cheque company after seeing a strong rebound in its business.

According to Traveloka president Caesar Indra, their Vietnam business had surpassed pre-COVID-19 levels, is nearly back to normal in Thailand, and is at half of the pre-pandemic level in Indonesia.

He added that the worst has happened and that Traveloka is now we’re well prepared for 2021 with domestic travel driving recovery.

“The plan is to invest in fintech in a big way to allow more consumers to travel in the region,” Indra said, adding that the travel business had returned to profitability in late 2020.

Traveloka has 40 million active monthly users and is developing “buy now, pay later” services for Vietnam and Thailand markets. It has formed a joint venture with one of Thailand's largest banks to collaborate in fintech and is also talking to potential Vietnamese partners.

Traveloka offers “Paylater” credit cards, insurance and wealth management services, restaurant vouchers, food delivery service, as well as COVID-19 testing.

Indra noted that Traveloka is Indonesia’s largest restaurant review app.