MoolahGo, a Singapore-based Multi-currency Payment Specialist, today announced that Lippo Group has made a strategic investment in the company for an undisclosed sum as part of its PreSeries A financing round.
The Lippo Group is one of Asia’s most established conglomerates with footprint in almost every major city in Asia as well as North America. In Singapore, Lippo has stakes in OUE Limited and Healthway Medical, amongst others. Not a stranger to Fintech, Lippo itself has had many successes in establishing Fintech services. One example is the OVO eWallet which it established in 2016 and made it into one of Indonesia’s startup unicorn.
John Hakim, CEO and Founder, said, “We are delighted to include Lippo as one of our strategic shareholders. We’re encouraged that this Asian giant shares our optimism of the Fintech opportunities in this region especially in Southeast Asia and recognize that MoolahGo possesses a differentiated vision and value proposition that allows us to compete successfully in this market. We look forward to working closely with Lippo not just as our shareholder but also as a key business partner to propel our business forward across the region.”
MoolahGo intends to use the funds to bring to market other payment services that it has been developing, including digital mobile payments. It will also deploy portions of the funds to open up new markets in the region.
Prior to this financing round, MoolahGo announced in March-2019 that it had received seed funding from the founder and former CEO of TransferTo (now known as Thunes), another payments company.