VNLIFE nets $250m Series B to further digital banking ecosystem development

Vietnam-based VNLIFE Corporation Joint Stock Company, which is building a digital banking ecosystem, has scored $250m in its Series B round.

General Atlantic and Dragoneer Investment Group acted as the lead investors, with commitments also coming from PayPal Ventures and EDBI. Previous backers of VNLIFE, GIC and SoftBank Vision Fund 1, also joined the round.

With the capital injection, the FinTech company is looking to capitalise on the rising market opportunities in Vietnam for its sustainable, diversified and multi-disciplinary digital ecosystem. The funds will help VNLIFE develop new platforms and technology.

VNLIFE, which operates across a range of subsidiaries in various sectors, builds digital ecosystem technology. Its technology is used to build digital banking, online payment, online travel, supply chain optimisation and investing virtual ecosystems.

Vietnam Payment Solution, a subsidiary of VNLIFE, is currently used by more than 40 banks in Vietnam. The FinTech company also operates VNPAY-QR, which it claims to be the country’s largest cashless payment network, boasting 22 million users and 150,000 merchants.

General Atlantic managing director 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 demonstrated its ability to be a market leader in each of these verticals, and is playing an important role in driving digitization and building mission-critical digital infrastructure to support Vietnam’s long-term economic growth. General Atlantic is thrilled to partner with VNLIFE, and we look forward to supporting the company through its next phase of growth.”

Last week, fellow Vietnamese FinTech company Infina closed its seed round to help its mission of democratising investing in the country.

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