# RateS

> RateS was a Singapore-born, Indonesia-focused social commerce platform that let anyone - housewives, students, small shop owners - start an online business with no inventory and no upfront capital. The app sourced products directly from suppliers and handled warehousing, logistics, payments and financing, while its network of micro-entrepreneurs handled sales through their social networks. Spun out of the foreign-exchange startup RateX, RateS grew to more than 500,000 resellers across Indonesia's tier-2 and tier-3 cities before being acquired by e-commerce enabler SIRCLO in 2023.

- **Founded:** 2016
- **Headquarters:** Jakarta, Indonesia (operations); Singapore (parent)
- **Founders:** Goh Jian Kai (Jake) (CEO & Co-founder), Davis Gay (Co-founder), Lim Jing Rong (Co-founder)
- **Team size:** ~28 employees (per Apollo data)
- **Products:** RateS Reseller App, In-house brands, Embedded financial services, RateX (sister product)
- **Notable:** Grew to 500,000+ resellers across Indonesia, Gross merchandise volume (GMV) grew roughly 4x in 2021, Raised about US$21M total across pre-Series A, Series A and Series A+ rounds

## Products & services

- **RateS Reseller App** — A mobile app where micro-entrepreneurs browse supplier products, share them to their social networks, and earn margins on sales without holding stock. RateS handles sourcing, inventory, delivery and payments.
- **In-house brands** — RateS-owned product lines, starting with mum-and-baby products manufactured in China, giving resellers higher-margin exclusive goods to sell.
- **Embedded financial services** — Payments acceptance and access to financial products built into the app, so resellers can transact and access working capital.
- **RateX (sister product)** — The browser extension the founders started with - it applies coupon codes and best exchange rates for cross-border online shopping.

## Achievements

- Grew to 500,000+ resellers across Indonesia
- Gross merchandise volume (GMV) grew roughly 4x in 2021
- Raised about US$21M total across pre-Series A, Series A and Series A+ rounds
- Passed the PayPal Incubator program in Singapore (2019)
- Acquired by SIRCLO in 2023, integrating into a larger Indonesian e-commerce platform

## Latest updates

- **2022-01** — Raised US$6M Series A+ round to launch in-house brands, beginning with mum-and-baby products.
- **2023-09** — Acquired by Indonesian e-commerce enabler SIRCLO, with the deal anchored by mutual investor Vertex Ventures Southeast Asia & India.

## Links

- Website: https://ratesapp.co.id
- LinkedIn: https://www.linkedin.com/company/ratesg
- Twitter/X: https://twitter.com/rates_idn
- Instagram: https://www.instagram.com/rates.idn/
- Facebook: https://facebook.com/rates.idn/

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Profile page: https://yespress.io/rates
Published by YesPress — https://yespress.io
Last updated: 2026-06-07