Indonesia’s Go-Jek just raised $1.5 billion

The ride-hailing service is now valued at $5 billion–that’s just $1 billion less than Southeast Asia’s largest ride-hailing company, Grab, reports Reuters. Its newfound funds come from more than a dozen investors including BlackRock and Google and will help it expand its footprint in the heavily contested Southeast Asia market, where it will try to gain market share at the cost of rivals like the aforementioned Grab and Uber. Besides its ride-hailing services, Go-Jek will be expanding its payment system, known as Go-Pay. That system is currently one of the most popular mobile payment platforms in Indonesia.