SINGAPORE (REUTERS) – Visa Inc said on Wednesday (July 17) that it has invested in Indonesia’s Gojek as part of the ride-hailing company’s ongoing Series F fund-raising round.

The two companies will work together to provide more options for cashless payments for consumers across Indonesia and South-east Asia, the US payment processor said.

Visa did not mention how much money it was investing in Gojek or how big a stake it would acquire.

Last week, it was reported that Siam Commercial Bank (SCB), the Thai lender that counts King Maha Vajiralongkorn as its biggest shareholder, had invested an undisclosed amount in Gojek.

DealStreetAsia said on Wednesday that Gojek had amassed about US$1.6 billion (S$2.2 billion) in Series F total before the SCB investment. Quoting a source, it added that the company is targeting to close the round at over US$3 billion to accelerate its expansion across South-east Asia.

Gojek rival Grab, meanhile, has secured more than US$4.5 billion for its ongoing Series H round, including US$1.46 billion funding from SoftBank Vision Fund.