Hong Kong-based fashion e-commerce startup Goxip has raised an additional $1.4 million in fresh funding from financial services firm Convoy Global Holdings, to fuel Southeast Asia expansion and offer new payment services.
The startup had earlier raised $5 million from mobile video and photography app Meitu and Nan Fung Group as well as a group of three women individual investors in January this year.
Meitu also participated in the latest round.
Goxip will use the capital to launch in more Southeast Asian markets after having entered Malaysia and Thailand. With Meitu investing in the previous round, Goxip was able to leverage the Chinese internet company’s 456 million monthly active users to accelerate its market expansion in Southeast Asia.
“With Meitu’s help we’ve been growing faster than expected, especially with our Thailand launch ahead of schedule. Bringing Convoy on board will allow us to keep our momentum while also adding an important fintech component to our play, especially as we enter emerging markets across Southeast Asia where spending power still lags behind Hong Kong and Singapore,” said Goxip CEO Juliette Gimenez.
In conjunction with the financial investment from Convoy, Goxip will offer installment loans to its online shoppers.
This initiative is expected to increase Goxip’s conversions and sales by making its high-end brands and products available to a much larger audience, especially in emerging markets like Thailand, the company said in a statement.
Goxip is also diversifying its business to influencer marketing with the launch of RewardSnap, which engages internet influencers, especially Instagram users. More than 150 influencers with a total following of over 14 million have signed up for the platform.
Goxip said it had 600,000 users and average orders of $300 per month.
Convoy has previously invested in financial services firms Nutmeg from the UK and Ireland-based Currencyfair, which acquired Convoy’s payments business.
Convoy, established in 1993, focuses on three core businesses of financial advisory, financial product manufacturing and fintech. It was listed on the Hong Kong Stock Exchange in 2010, but trading of the shares has been suspended since December 2017 over a lawsuit against its former chairman and related individuals.