Blockchain-enabled financial services platform Coins has scored a fresh $5m in funding.
The investment comes from South African web giant Naspers’ investment division Naspers Ventures.
Coins says the new funding is an extension of the $5m Series A round led by Accion Frontier Inclusion Fund it closed in October.
Manila-based Coins uses blockchain technology to offer a range of mobile financial services to consumers across South East Asia including those without a bank account.
Its services include remittances, phone top-ups as well as e-commerce and P2P payments.
The new funding coincides with the startup’s announcement it has now signed up more than one million customers.
Operating primarily in the Philippines and Thailand, Coins will use the funding to expand its footprint around the region.
It also aims to forge new partnerships with financial institutions around the region.
Company CEO Ron Hose commented: “Coins has become a key component of our customers’ everyday lives, allowing them to do everything from sending payments to shopping online.
“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.”
Vice president and chief product officer of Naspers’ PayU business James Caviness will join the company’s board as a result of the deal.
He said: “Coins has done an excellent job of providing consumers with easy, cost-effective access to core financial services.
“With its secure, scalable platform, built on exciting and potentially disruptive blockchain technology, we expect Coins to continue to grow and expand across South-East Asia.”
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