A joint stock company based in Vietnam called VNLIFE Corporation Joint Stock Company has raised $250 million in Series B funding for its digital banking ecosystem.
There were a number of investors in the deal, including General Atlantic and Dragoneer Investment Group, in addition to PayPal Ventures and EDBI. As part of the investment round, previous backers of VNLIFE, GIC, and SoftBank Vision Fund 1 have also participated.
The capital injection is intended to enable the FinTech company to be able to take advantage of the rising market opportunities in Vietnam through the development of sustainable, diversified, and multidisciplinary digital ecosystems. A new platform and technology will be developed by VNLIFE with the help of these funds.
With a wide range of subsidiaries, VAN LIFE develops digital ecosystem technology within various sectors across a number of subsidiaries. In addition to its technology, the company is engaged in the development of digital banking, online payment systems, travel services, optimization of supply chains and virtual ecosystems for investment.
A subsidiary of VNLIFE, Vietnam Payment Solution, is currently being used by over 40 banks in Vietnam as a payment system. In addition, VNPAY-QR, a cashless payment network that the FinTech company claims is the biggest cashless payment network in the country, with 22 million users and more than 150,000 merchants, is available through the company.
“Vietnam is an economy that is rapidly expanding in size, experiencing substantial changes across banking, payments, and commerce, and it is our expectation that the country is going to continue to benefit from these sustainable growth tailwinds for some time to come, said General Atlantic managing director Sandeep Naik.
In each of these vertical sectors, VNLIFE has proven its ability to be a global leader and is playing an instrumental role in driving digitization and building the mission-critical digital infrastructure that Vietnam will need to sustain its long-term economic growth. The General Atlantic Group is delighted to have joined forces with VNLIFE, and we look forward to supporting the company as it moves forward into the next phase of its growth.”
Infina, another Vietnamese FinTech company, has been successful in closing its seed round of financing to help its mission to democratize investment in the country as soon as possible.
VNLIFE, which builds the digital banking ecosystem in Vietnam, has raised $250 million in a Series B round. It’s a big funding round for the company, but what does it mean for the industry?
General Atlantic and Dragoneer Investment Group led a $23.4M Series B funding round for Ecom.com. PayPal Ventures and EDBI participated.
The round was led by SoftBank Group Corp., which participated in Vision Fund 1 last year, as well as previous backers of VNLIFE, GIC and SoftBank Vision Fund 1, which also joined this round.
A new investment fund led by global investors with expertise in financial technology (FinTech) and deep connections in the region, including Vietnam, is looking to capitalise on the rising market opportunities in the country for the company’s sustainable,
The funds will help VNLIFE develop new platforms and technology. A: What is it that makes this new platform so unique? B: What sets this platform apart from all other products on the market? A:
VNLIFE is a subsidiary of a company that develops digital ecosystem technology. It runs across a range of subsidiaries in various sectors.
A cloud-based banking technology provider, it’s technology is used to build digital banking, online payment, online travel and investing.
Vietnam Payment Solution (VPS) is currently used by over 40 banks in Vietnam.
The FinTech company also runs Vietnam Pay, a cashless payment platform with 23 million users and 150,000 merchants.
General Atlantic senior vice president Sandeep Naik said, “Vietnam is a rapidly-expanding economy undergoing a significant digital transformation across banking, payments and commerce, and we expect that it will continue to benefit from these sustainable growth tailwinds.
VNLIFE has proven it can successfully build and run the largest ecommerce platform in Vietnam, providing innovative solutions to the largest number of Vietnamese and foreign companies and users. And the company has a long term vision to build a digital ecosystem to promote the growth of Vietnamese businesses.
General Atlantic is delighted to be working with VNLIFE on this exciting project. We are looking forward to helping them achieve their mission of democratizing investment opportunities for all.