Society Pass, a data-driven loyalty platform, has closed a Series C funding round to accelerate its growth and acquisition strategy in Southeast and South Asia, including Vietnam.
|Society Pass, which runs the Leflair luxury e-commerce site in Vietnam, has completed its Series C funding |
Society Pass is a loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points.
Dennis Nguyen, founder and CEO of Society Pass, said the new funding will allow the company to replicate its success in target markets and fuel ongoing aggressive mergers and acquisitions in the pipeline.
Most recently, Society Pass has acquired Leflair in Vietnam in the second quarter and relaunched the luxury e-commerce site in the third quarter. After the official comeback in Vietnam, Society Pass plans to expand Leflair in Southeast Asia in 2022 to ramp up its footprint in the region.
According to the Digital 2021 Global Overview Report by HootSuite & We Are Social, Southeast Asia is sporting a 69 per cent internet penetration rate with 9.6 per cent growth on-year, and South Asia with a 42 per cent internet penetration rate with 9.1 per cent growth on-year.
Society Pass intends to increase its market presence by capitalising on the untapped potential of South and Southeast Asia, thinking that developing countries are only now experiencing a rise in internet use, with enormous development potential.
Founded in 2019, Society Pass has quickly taken advantage of the early stages of the internet economy in the region, spanning verticals such as food and beverage, beauty, travel, and lifestyle. As of present, the company has over 1.5 million registered users and over 3,500 businesses and brands.
By Thanh Van