PH blockchain platform Coins raises $5m series A extension led by Naspers

Ron Hose - CEO of Coins

Coins, Southeast Asia’s blockchain-enabled digital financial service provider, has secured a $5-million series A extension led by Naspers Ventures, bringing the total amount of its series A to $9.4 million to date.

This additional investment follows its series A funding round led by Accion Frontier Inclusion Fund in October last year.

The new investment will be used to accelerate its regional growth and allow Coins to establish additional cash-based services and partnerships to serve its customers, the company said on Wednesday.

Coins was founded in early 2014 to enable people, including those without a bank account, to access financial services directly from their phones. It provides a wide range of financial services including remittances, mobile air-time, bill payments and online shopping with over 100,000 merchants.

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

It is primarily operated in the Philippines and Thailand. It claims that it has connected with over one million previously unbanked customers on the platform with a monthly double-digit growth.

“We’ve seen quite healthy growth rates in the adoption of bitcoin amongst our users. The bitcoin blockchain is particularly well suited to solve issues around remittances due to its faster transaction times and lower costs. We’ve been able to lower remittance costs from the typical 6-8 per cent to about 2-3 per cent using the blockchain and have seen significant traction from users doing precisely this,” Justin Leow, Head of Business Operations at Coins, said to DEALSTREETASIA via email.

He cited that  more than 60 per cent of Southeast Asia’s population remains unbanked largely due to structural reasons and the expensive nature of traditional financial services. “We see our platform as a scalable solution that is able to work in many of the developing countries in the region to address this need,” he added.

The company also appointed James Caviness, vice president and chief product officer of Naspers business PayU, as a new board member.

Naspers Ventures is a division of Naspers Group, a multinational media and internet group with technology investments and operations in more than 130 markets. Last week, India’s fastest growing digital credit platform PaySense announced that Naspers also participated its $5.3-million series A round.

Also read:

Coins Philippines gets $5m in Series A led by Quona Capital’s Accion fund

Coins.ph plans iOS Bitcoin wallet app

South African media giant Naspers floats VC arm in India

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.