VNLIFE bags$300 million investment from Softbank and GIC
10:52 | 28/07/2019 Print Article
Dealstreetasia reported VNLIFE’s representatives as saying that Japan-based Softbank Vision Fund and Singapore-based sovereign wealth fund GIC have committed to proposing investment deals of $200 million and $100 million, respectively, to further the growth of the firm.
VNLIFE, parent firm of VNPAY, has bagged $300 million investment from Softbank and GIC
VNLIFE is the first firm in Vietnam that made it into Softbank Vision Fund’s portfolio. On the other hand, GIC had diversified its investments in Vietnam with FPT and VNG corporations a long time ago.
Vietnam is on the journey to become a hotbed for foreign direct investment, as the country has piqued the attention of many foreign investors, encouraging them to channel funding into the region.
The $300 million investment from SoftBank Vision Fund and GIC in Vietnamese startup VNLIFE is likely to catapult the firm into the league of unicorns.
VNLIFE is the parent company of fintech VNPAY, the leading Vietnamese digital payment firm established in 2007, and also the pioneer of ffering QR code payment in the country.
Founded in November 2018, VNLIFE acts as a holding company for VNPAY. VNLIFE also expands its businesses to other sectors, such as tourism, logistics, commerce, and enterprise management.
Mai Thanh Binh, who is the founder of both VNLIFE and VNPAY and also the co-founder of Garena Vietnam, the Vietnamese unit of SEA Ltd., also launched his own venture capital fund to pour money into 10 startups.