VNLIFE Announces Series B Funding Round Led by General Atlantic and Dragoneer
Hanoi, Vietnam – (COMMERCIAL THREAD) – VNLIFE Corporation Joint Stock Company (“VNLIFE”), a leading technology company pioneering the development of Vietnam’s digital ecosystem, today announced that it has raised more than $ 250 million under the a Series B funding round led by General Atlantic and Dragoneer Investment Group, with participation from PayPal Ventures and EDBI. Existing investors GIC and SoftBank Vision Fund 1 also participated in the round.
The investment is expected to accelerate the growth of VNLIFE’s existing business and support its development of new platforms and technologies to better serve its merchant partners and Vietnamese consumers. The company intends to use the funding to further capitalize on the vast market opportunities in an increasingly digital Vietnam by continuing to expand its sustainable, diverse and multidisciplinary digital ecosystem.
Niraan De Silva, Managing Director, VNLIFE, said: “We are delighted to welcome names of this quality to the company as part of this fundraiser. The global experience and perspective that they can bring to further support our growth ambitions is very exciting. Given the rapidly growing digital consumer base in the country, the additional funding will allow us to accelerate our efforts to technologically enable our merchant partners to keep up with this change ”.
VNLIFE is at the forefront of the rapid adoption of digital banking in Vietnam, with its technology solutions now offered through its main fintech subsidiary, Vietnam Payment Solution JSC (“VNPAY”), to more than 40 banks in across the country. VNLIFE also operates VNPAY-QR, the country’s largest interoperable cashless payment network, with 22 million users and over 150,000 merchants.
Since 2019, VNLIFE has also transformed its subsidiary VNTravel Tourism JSC (“VNTRAVEL”) into a leading online travel agency (“OTA”), operating through multiple brands as well as its new retail division, Teko Vietnam Technology JSC (“TEKO”). TEKO has developed a portfolio of complementary software solutions that enable businesses large and small across the country to digitize their analog businesses.
Sandeep Naik, Managing Director and Head of India and Southeast Asia at General Atlantic, said, “Vietnam is a rapidly expanding economy undergoing significant digital transformation in the banking, payments and commerce sectors, and we expect it to continue to benefit from these favorable winds of sustainable growth. VNLIFE has demonstrated its ability to be a market leader in each of these verticals and plays an important role in digitizing and building critical digital infrastructure to support Vietnam’s long-term economic growth. General Atlantic is excited to partner with VNLIFE, and we look forward to supporting the company in its next phase of growth. ”
Eric Jones, Partner, Dragoneer, said, “VNLIFE occupies a coveted position at the heart of the digital journey of Vietnamese consumers. By partnering with leading Vietnamese banks, retailers, airlines and hotels, VNLIFE’s technology enables customers to make digital purchases in their largest spending categories. Paying with VNPAY-QR is fast, secure and easy. We have incredible confidence in this team of technologists, who are ready to capitalize on the formidable economic context of Vietnam. ”
Chu Swee Yeok, CEO and Chairman of EDBI, said: “Having played an educational role in building the banking and digital payments industry in Vietnam, VNLIFE has built a vast ecosystem of banks, merchants and consumers, and leveraged its unique model and its leadership position in the market to enter new retail and travel sectors. EDBI’s investment and partnership will propel the company into its next phase of regional growth and drive capacity development in digital payment and omnichannel commerce technologies at its hub in Singapore. ”
Choo Yong Cheen, Director of Private Equity Investments at GIC, said: “We are delighted to welcome General Atlantic, Dragoneer, PayPal and EDBI as new shareholders of VNLIFE. Since GIC invested in VNLIFE as the first external shareholder in 2019, the company has grown into an internet ecosystem that facilitates smooth offline and online operations. payments for Vietnamese consumers and merchants in segments such as telecommunications, retail, e-commerce and travel. We look forward to working closely with the management team, as well as existing and new shareholders to drive the next stage of business growth. ”
Greg Moon, Managing Partner at SoftBank Investment Advisers, “With its leading technology stack, VNLIFE has not only enabled more banking customers to adopt mobile banking throughout the pandemic, but has also used its mobile payment platform to successfully create new business opportunities in omnichannel retail and online travel. We are delighted to continue to support VNLIFE as they evolve and innovate across Vietnam. ”
About General Atlantique
General Atlantic is a leading global growth capital firm with more than four decades of experience providing capital and strategic support to more than 400 growth companies throughout its history. Founded in 1980 to partner with visionary entrepreneurs and have a lasting impact, the company combines a collaborative global approach, sector expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to develop innovative businesses. around the world. General Atlantic currently has over $ 65 billion in assets under management and over 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
About the Dragoneer investment group
Dragoneer is a growth-oriented investment firm with over $ 19 billion in long-term capital from many of the world’s largest endowments, foundations, sovereign wealth funds and family offices. Dragoneer has a history of partnering with leadership teams developing exceptional businesses characterized by sustainable differentiation and superior business models. The company’s history includes public and private investments in all sectors and geographies, with a particular focus on technology companies. Dragoneer has invested in companies such as Airbnb, AmWINS, Ant Financial, ByteDance, Datadog, DoorDash, Duck Creek, Farfetch, Livongo, Nubank, PointClickCare, ServiceNow, Slack, Snowflake, Spotify, Square, Twilio, Uber and others.
About PayPal Ventures
PayPal Ventures, the venture capital arm of PayPal, invests in promising startups globally with a focus on payments, trade facilitation and infrastructure. Leveraging PayPal’s expertise and experience, PayPal Ventures and its portfolio companies help bring innovative solutions to market faster, scale them faster, and create a more transparent, personalized, inclusive and global financial system. customer focused.
Investing since 1991, EDBI is a Singapore-based global investor in selected high-growth technology sectors ranging from information and communication technologies (ICT), emerging technologies (ET), healthcare (HC) and promising Singapore-based companies in strategic sectors. As a value-creating investor, EDBI helps companies achieve their ambitious goals by leveraging our extensive network, resources and expertise. With our growth capital, EDBI supports companies looking to expand in Asia and globally through Singapore. For more information visit https://www.edbi.com