GoTo Turns Profit for First Time as Fintech Booms

Indonesia’s largest tech group, GoTo, has reported its first quarterly net profit, driven by rapid growth in its financial services business. The company, which operates ride-hailing, e-commerce, and digital payments, achieved a net profit of 77 billion Indonesian rupiah (about $5 million) in the third quarter. This marks a significant turnaround from a loss of 3.7 trillion rupiah a year earlier. The key driver was GoTo’s fintech division, which includes its digital wallet and lending services. Revenue from this segment surged 37% from the previous quarter, fueled by higher transaction volumes and more users borrowing money through the app. GoTo’s chief executive said the company is now focused on sustaining profitability while expanding financial services to more customers. Analysts note that the result is a critical milestone for GoTo, which has faced intense competition and regulatory pressure. The company’s shares rose slightly on the news. GoTo did not provide a full-year profit forecast but said it expects continued growth in its fintech operations.