Blockchain technology leader looks to cement leading position in Southeast Asia personal finance and payments market
MANILA, Philippines – May 24, 2017 – Coins, Southeast Asia’s leading blockchain-enabled mobile payments platform, announced today the closing of a $5 million funding round led by Naspers through its Naspers Ventures division, bringing the total amount raised in its Series A to over US $9.4 million. As one of the first examples of a digital financial service built on top of blockchain technology to gain traction with everyday consumers, Coins enables anyone – including those without a bank account – to access a broad range of financial services directly from their mobile phone. To date, the company has signed up over one million customers.
Today, the company also announced the appointment of James Caviness, Vice President and Chief Product Officer of Naspers business PayU, as a new board member.
Coins operates primarily in the Philippines and Thailand, and plans to expand to other markets where consumer access to traditional financial services such as credit, banking, and remittances is either limited or prohibitively expensive. Coins’ mobile wallet has generated a strong leadership position, providing consumers the first point of access to a wide range of financial services including remittances, airtime top-ups, e-commerce, and P2P payments.
“Coins has done an excellent job of providing consumers with easy, cost-effective access to core financial services,” said James Caviness, Coins board member. “With its secure, scalable platform, built on exciting and potentially disruptive blockchain technology, we expect Coins to continue to grow and expand across Southeast Asia.”
By leveraging blockchain technology and partnerships with existing financial institutions, Coins has been able to directly connect over one million previously unbanked customers with its ecosystem of financial services. The new investment will further accelerate its regional growth and allow Coins to establish additional cash-based services and partnerships to further serve its customers.
“Coins has become a key component of our customers’ everyday lives, allowing them to do everything from sending payments to shopping online,” said Ron Hose, CEO of Coins. “With Naspers Ventures, we’ve gained a great partner in our mission to democratize financial services by making them easily accessible and usable by anyone. We are extremely excited to be working together with them to build a more financially inclusive future.”
Blockchains are decentralized, distributed ledgers that record transactions in a verifiable, secure and permanent way. Initially used for digital currencies, blockchains allow for the transfer of value without the need for a trusted authority or central server. By eliminating the need for intermediaries, blockchain-based systems can facilitate fast, efficient settlement of payments between parties.
Coins is Southeast Asia’s leading mobile blockchain-enabled platform that enables anyone, including those without a bank account, to easily access financial services directly from their phone. Using Coins, customers have access to a mobile wallet and services such as remittances, mobile airtime, bill payments, and online shopping at over 100,000 merchants. Currently operating in the Philippines and Thailand, Coins' mission is to increase financial inclusion by delivering financial services directly to people through their mobile phones.
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media. Naspers companies connect people to each other and the wider world, help people improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, Codecademy, eMAG, Flipkart, ibibo, iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax, SimilarWeb, SinDelantal, Twiggle, and Udemy. Similarly, hundreds of millions of people have made the platforms of its associates Tencent (SEHK 00700), Mail.ru (LSE: MAIL), and MakeMyTrip Limited (NASDAQ: MMYT) a part of their daily lives.
Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN). For more information, please visit www.naspers.com.
About Naspers Ventures:
Naspers Ventures partners with entrepreneurs to build leading technology companies in high-growth markets. It identifies companies and founders with high potential and the ambition to scale globally, quickly impacting the communities where they operate. The team provides tailored support to make its portfolio companies leaders in their chosen markets. The Ventures team brings in-depth experience, knowledge, and resources from around the world to help entrepreneurs build, grow, and scale their businesses.