The valuation of OVO has reached US$2.9 billion as of March 14, 2019, exceeding the valuation of Traveloka and Bukalapak.

This achievement has made OVO the country’s fifth unicorn after ride-hailing Go-Jek, online travel booking platform Traveloka, and e-commerce platforms Bukalapak and Tokopedia.

OVO has established itself as the fastest-growing payment platform in Indonesia since September 2017.

Over 110 million people currently use OVO which spread across 300 Indonesian cities

Rudiantara, Indonesia’s Communications and Information Minister, stated:

“We are very grateful for this since we have targeted five unicorns as of the end of 2019. Yet, we have managed to have a new one before the deadline is reached. We welcome OVO as a new Indonesian unicorn.”