MVLLABS (MVL), the parent company of zero-commission ride-hailing operator TADA, has announced the completion of a Series A extension round led by Shinhan Bank, one of South Korea’s largest commercial banks by assets.
Other investors, including Samkee Automotive, an international die-casting specialist, and iloom, a South Korean home living and furniture brand, also participated in the round.
The new funding brings MVL’s Series A total to nearly $10 million.
MVL is an incentive-based blockchain mobility ecosystem that records key data such as transactions, movements, accidents, and maintenance of people and vehicles in many fields. Participants in the ecosystem can enjoy various benefits according to their MVL point level.
In its statement, the company said it will use the fresh funding for MVL’s expansion within its existing markets and for development of its mobility ecosystem.
“MVL’s blockchain-based mobility platform has experienced great growth for its users in Southeast Asia over the past 3 years. With Shinhan Bank’s retail financial service capabilities, such as our e-wallet, we expect to create greater synergies that will be a win-win for both Shinhan and MVL,” said a Shinhan Bank spokesperson.
The company claims that its blockchain-based ride-hailing service TADA has over 81,000 drivers on its platform and more than 550,000 users in Singapore, Vietnam and Cambodia.
Last December, MVL raised $5 million in a Series A funding round led by South Korean venture capital firm SV Investment. Two of South Korea’s largest car parts manufacturers – Central and SIMWON Inc – also participated in the funding round.