Coins Raises Additional $5m in Series A Funding

Announcements, Blockchain, FinTech, Innovation, Investing, News | May 25, 2017 By:

Philippines-based blockchain startup has raised an additional $5 million for its Series A extension, led by Naspers Ventures.

The additional investment follows its Series A funding round led by Accion Frontier Inclusion Fund in October of last year, bringing the total amount funded to over $9.4 million.

With the funding from Naspers, the VP and chief product officer of Naspers’ FinTech division PayU, James Caviness, will be joining the Coins board.

The funds will be used to accelerate Coins’ regional growth and allow the company to establish additional cash-based services and partnerships to serve its customers.

Coins, founded in early 2014, uses blockchain technology for financial services like bill payments, money remittances, and mobile credit top-up for its users, whether they have a bank account or not. The startup is primarily operated in the Philippines and Thailand. It claims to have signed up over one million users.

“Coins has become a key component of our customers’ everyday lives, allowing them to do everything from sending payments to shopping online,” said Coins CEO Ron Hose. “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.”

“Coins has done an excellent job of providing consumers with easy, cost-effective access to core financial services,” said Caviness. “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.”