About Bank Jasa Jakarta
Bank Jasa Jakarta is a Jakarta-based commercial bank in Indonesia that offers consumer loans, SME financing, savings products, and corporate credit lines to meet diverse financial demands. It operates branches in Java and Sumatra, focusing on trade finance and digital payment services. Established in 1970, the bank prioritizes sound financial metrics through deposit mobilization and risk-managed lending portfolios.
Founded
1971
HQ
Website
Status
Acquired
Customer focus
B2C & B2B
Revenue model
Services
Valuation
$515M (acquired Dec 2021)
Sectors
Bank Jasa Jakarta Acquisition
Bank Jasa Jakarta was acquired by WeLab for $515M on 6 December 2021.
Before the acquisition Bank Jasa Jakarta had raised $258M across 1 funding round.
PT Bank Jasa Jakarta (BJJ), a 40-year-old retail bank headquartered in Jakarta operating 11 branches serving individuals and SMEs, was acquired by a WeLab-led consortium WeLab Sky Limited in December 2021 with an initial 24% stake funded by US$240 million from investors including Allianz X, Boyu Capital, Horizons Ventures, SCBX Group, and Taipei Fubon Bank Capital. The deal aimed to transform BJJ into Indonesia's innovative digital bank, leveraging WeLab's technology from its Hong Kong digital bank to tap into the country's large unbanked/underbanked population of about 77-180 million tech-savvy consumers. In July 2022, WeLab partnered with Astra International's PT Sedaya Multi Investama, completing the acquisition after OJK regulatory approval, with WeLab and Astra each holding 49.56% for joint control of 99.13% of BJJ shares; transaction valued at US$510 million and noted as Southeast Asia's largest digital bank M&A in 2022. The strategic rationale combined BJJ's established retail network with WeLab's AI-driven risk management, privacy computing, and digital banking expertise to expand pan-Asian operations, building on WeLab's prior Indonesia presence via Maucash joint venture with Astra since 2018.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 6 Dec 2021 | Strategic M&A | $515M |
Bank Jasa Jakarta Funding History
Bank Jasa Jakarta has raised a total of $258M across 1 funding round.
Bank Jasa Jakarta funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2022 | Strategic investment | Astra International (lead); WeLab | $258M | Bank Jasa Jakarta (BJJ), an Indonesian commercial bank, underwent a major acquisition in July 2022 by Astra International's subsidiary PT Sedaya Multi Investama (Astra Financial) and WeLab's consortium Welab Sky Limited. Astra acquired 49.56% of shares for Rp 3.88 trillion, implying a full post-money valuation of approximately Rp 7.83 trillion, while WeLab increased its prior 24% stake from December 2021 (acquired for Rp 3.46 trillion) to also 49.56%, achieving joint control with a combined 99.13% ownership. The deal, Southeast Asia's largest digital bank M&A in 2022, received OJK regulatory approval and closed in September 2022. The strategic partnership combines WeLab's digital banking technology expertise from its Hong Kong operations with Astra's extensive Indonesian ecosystem, distribution network, and retail finance experience. Funds from the initial US$240 million (largest fintech raise in Indonesia 2021) and subsequent investments supported stake acquisitions, tech upgrades, and digital transformation to position BJJ as an innovative digital bank. Backers included Allianz X, Boyu Capital, Horizons Ventures, SCBX Group, and Taipei Fubon Bank Capital. Post-acquisition, BJJ rebranded elements to launch Bank Saqu Indonesia in November 2023 as a full digital banking service targeting individuals and SMEs, delivered in a record six months using WeLab's proven tech stack. The move aligns with Astra's goal to lead retail finance in Indonesia and WeLab's pan-Asian expansion. |
Who has invested in Bank Jasa Jakarta?
2 investors have backed Bank Jasa Jakarta across its funding rounds, including Astra International and WeLab.
Lead investors include Astra International.
Bank Jasa Jakarta Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialBank Jasa Jakarta Competitors
Bank Jasa Jakarta competitors include listed companies like Danske Andelskassers Bank, Deutsche Pfandbriefbank, Patria Renda Urbana FII and Orange County Bancorp, and private ones like IKF Finance and United Bank.
| Company | HQ | Status | Revenue | Valuation | Revenue Multiple |
|---|---|---|---|---|---|
| Publicly listed | $131M | $515M | - | ||
| Publicly listed | $481M | $517M | 1.2x | ||
| Publicly listed | $46M | $517M | - | ||
| Publicly listed | $127M | $513M | 3.9x | ||
| Private | $71M | $457M | 6.4x | ||
| Private | - | $759M | - |
Bank Jasa Jakarta Public Comps
Bank Jasa Jakarta is no longer listed, but its public comps include Danske Andelskassers Bank, Deutsche Pfandbriefbank, Patria Renda Urbana FII, Orange County Bancorp, Bank7, Faysal Bank, Sierra, West Bancorp, GRANIT Bank and ChoiceOne Financial Services.
| Last FY | EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|---|
| Revenue | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $131M | 3.9x | - | - | - | |||
| $481M | 1.1x | 1.2x | - | - | |||
| $46M | 11.1x | - | - | - | |||
| $127M | 4.0x | 3.9x | - | - | |||
| $96M | 5.4x | 5.4x | - | - | |||
| $354M | 1.4x | - | - | - | |||
| $146M | 3.6x | 3.4x | - | - | |||
| $94M | 5.3x | 4.6x | - | - | |||
This data is available for Pro users. Sign up to see all Bank Jasa Jakarta competitors and their valuation data. Start Free Trial | |||||||
Common questions about Bank Jasa Jakarta
| When was Bank Jasa Jakarta founded? | Bank Jasa Jakarta was founded in 1971. |
| Where is Bank Jasa Jakarta headquartered? | Bank Jasa Jakarta is headquartered in Jakarta, Indonesia. |
| Is Bank Jasa Jakarta publicly listed? | No, Bank Jasa Jakarta was acquired by WeLab in December 2021. |
| Who acquired Bank Jasa Jakarta? | Bank Jasa Jakarta was acquired by WeLab in December 2021. |
| How much was Bank Jasa Jakarta acquired for? | Bank Jasa Jakarta was acquired for $515M in December 2021. |
| How much funding has Bank Jasa Jakarta raised? | Bank Jasa Jakarta has raised $258M across 1 funding round. |
| What was Bank Jasa Jakarta's last funding round? | Bank Jasa Jakarta's last funding round was a $258M strategic investment round in July 2022, led by Astra International. |
| Who are Bank Jasa Jakarta's investors? | Bank Jasa Jakarta's investors include Astra International and WeLab. |
| Which companies are comparable to Bank Jasa Jakarta? | Companies comparable to Bank Jasa Jakarta include Danske Andelskassers Bank, Deutsche Pfandbriefbank, Patria Renda Urbana FII, Orange County Bancorp, IKF Finance and United Bank. |
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