29 March 2017
visit nextgenbanking.co.uk

Coins raises $5m for blockchain-based financial inclusion push in SE Asia

24 October 2016  |  5830 views  |  0 wallet

Coins, a startup using blockchain technology to boost financial inclusion in Southeast Asia, has raised US$5 million in a Series A round led by a fund backed by non-profit Accion.

Accion, which supports microfinance ventures around the world, made its investment through its Frontier Inclusion Fund, which is managed by Quona Capital. Eric Schmidt's Innovation Endeavors, Pantera Capital, Digital Currency Group, Wavemaker Labs, Global Brain, BeeNext, and Rebright Partners also participated.

Founded in early 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson, Coins is a mobile blockchain-enabled platform that enables anyone, including those without bank accounts, to access financial services directly from their phone.

The firm currently operates in the Philippines and Thailand, claiming over 500,000 users. With more than 60% of Southeast Asia's population of 600 million unbanked, and less than five per cent having a credit card, it is confident of signing up millions more.

Using Coins, customers have access to a mobile wallet and services such as remittances, air-time, bill payments, and online shopping at over 63,000 merchants who accept digital currency. The firm has built up a network of banks and retailers that act as cash disbursement and collection sites, while partnerships in 40 countries enable low cost cross-border payment and remittances.

Says CTO Petursson: "In the coming months, we will continue to build new partnerships with banks, financial institutions, and retailers to connect customers across Southeast Asia with best-in-class financial services."
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
Danish banks add Dankort payments to mobile walletsDanish banks add Dankort payments to mobil...
15036 views comments | 2 tweets | 7 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
13598 views comments | 53 tweets | 32 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
12404 views comments | 33 tweets | 45 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
8865 views 0 | 16 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job