Lippo makes strategic investment in moolahgo®
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 Pre-Series 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 itself, Lippo 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), Eric Barbier, another payments company.
Started in early 2018, moolahgo revolutionized the currency exchange and cross-border payment scene in Singapore when it launched its Marketplace-based platform that allows market participants to directly connect with each other, thereby bypassing the costly and inefficient traditional intermediaries. After seeing successes in the Business-to-Consumer (B2C) and Consumer-to-Consumer (C2C) markets, it has since offered its services to the Business-to-Business (B2B) clients starting from Q3-2018 which it continues to achieve a good track record. It was subsequently selected by the APAC CIO Outlook as a Top 50 Enterprise startup in 2018 due to its unique value proposition.
With the recent launch of its B2B API Integration platform, moolahgo has moved a step closer to its vision of creating a frictionless financial transaction system based on its marketplace platform. Since the launch of its API platform, a number of corporates and financial institutions have connected to it to leverage its payment services.
moolahgo® is a Major Payment Institution licensed by the Monetary Authority of Singapore under the new Payment Services Act effective from January 2020.
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