Digital payment service OVO has become an Indonesian startup unicorn, as the company is now valued at more than US$1 billion, according to Communications and Information Minister Rudiantara.

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

"Our target was to have five unicorns by the end of 2019. Welcome to OVO that has already become the new Indonesian unicorn," Rudiantara said on Saturday as quoted by Antara.

According to New York-based market intelligence firm CB Insights, the valuation of OVO was recorded at $2.9 billion by March.

OVO is a digital payment product of PT Visionet International, the Lippo Group's digital financial services subsidiary.

Separately, OVO president director Karaniya Dharmasaputra did not confirm nor deny the information when being asked by reporters. He, however, said he appreciated the minister's statement on OVO's unicorn title.

"We are thankful and appreciate the minister for making such a statement," Karaniya said on Monday as quoted by Antara, without adding further details of the company's valuation.

OVO did not immediately respond when being contacted by The Jakarta Post on Monday evening. (awa)