Vietnam-based VNLife Corporation, the parent firm of digital payments startup VNPay, has raised more than US$250 million in a series B funding round co-led by U.S. investors General Atlantic and Dragoneer Investment Group.
The investment pushed VNLife’s valuation above $1 billion, Reuters reported, citing a source close to the deal.
SoftBank Vision Fund 1, PayPal Ventures - venture capital arm of PayPal Holdings Inc, Singapore’s global fund EDBI, and existing investor GIC also participated in the round, according to Reuters.
VNLife was founded in 2007. Its subsidiary VNPay provides e-payment services for more than 40 banks, five telecommunications companies, and 20,000 businesses, according to its LinkedIn profile.
The company intends to use the injection of capital to fund existing businesses and develop new platforms.
The number of fin-tech startups in Vietnam increased by 215 percent between 2015 and 2020, according to the Vietnam Fintech Report 2020, with digital payment firms accounting for 31 percent of the segment.