Mobile Payments companies have raised over $29.7bn in Asia between 2014 and H1 2019, with more than $1.8bn of this being raised in the top 10 deals in the subsector during the opening six month of 2019. The amount invested in these deals in Asia is equal to 99.8% of the total capital raised in the subsector during H1 2019. Seven of the top 10 deals have gone to companies in either China, with three deals, or India, with four deals, with the rest of the deals being spread across Vietnam, Japan and Singapore.
The largest deal of the period went to Sea Limited, a Singapore-based digital services provider whose products include an e-wallet service AirPay. $1.4bn was raised by the company in a post-IPO-equity round where the capital will be used for general corporate purposes and business expansion.
PhonePe, a step-down subsidiary of US retailer Walmart, is a Mobile Payments app based in India which allows the transfer of money using just a mobile number. The company raised $110.6m in a corporate round in Q1 2019. This comes after PhonePe announced its partnership with Walmart India in February 2019 offering PhonePe as a payment option in some of Walmart India’s B2B Cash and Carry stores. The capital will be used for advertisements and promotional campaigns to increase the company’s cash position as Walmart looks to gain a strong front in the Mobile Payments space in India.
Only three of the top 10 deals were completed in Q2 2019 with the largest being from O’Pay Electronic Payment which completed a $30m Series A round. The Chinese Mobile Payments provider simplifies the payments process by enabling payments from a mobile device in a wide range of scenarios including store payments, bills and roadside parking.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2019 FinTech Global