VNPAY’s parent firm valued over $1 billion after $250 million investment
(Reuters) – VNLIFE Corp, the parent company of fintech firm VNPAY, said on Friday it had raised $250 million in a funding round led by General Atlantic and Dragoneer Investment Group and included SoftBank Vision Fund 1.
The Vietnam-based company has now raised its valuation to above $1 billion, according to a source close to the deal.
PayPal Ventures, the venture capital arm of PayPal Holdings Inc, Singapore’s global fund EDBI and existing investor GIC also participated in the round.
VNLIFE was founded in 2007. Its subsidiary VNPAY provides e-payment services to more than 40 banks, five telecommunications companies and 20,000 businesses, according to its LinkedIn profile.
The new capital infusion will be used to fund existing businesses and develop new platforms, the company said.
Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri