PayPal has joined a $250 million round in Vietnamese fintech VNLife
The Series B funding round was led by General Atlantic and Dragoneer Investment Group, with participation by PayPal Ventures and EDBI. Existing investors GIC and SoftBank Vision Fund 1 also participated.
VNLife is at the forefront of Vietnam’s rapid adoption of digital banking, with its technology now being offered by its core financial technology subsidiary, Vietnam Payment Solution JSC, to over 40 banks across the country. The firm also operates VNPAY-QR, the nation’s largest interoperable cashless payment network, with 22 million users and over 150,000 merchants.
The company additionally operates an online travel agency and recently opened a new retail division providing technology to small businesses across the region.
The firms intends to use the funding to further capitalie on the market opportunities opening up in an increasingly digital Vietnam.
Niraan De Silva, managing director, VNLife, says: "Given a rapidly growing digital consumer base in the country, the additional funding will allow us to accelerate our efforts in technologically enabling our merchant partners to keep up with this change."