Vietnamese Fintech VNLIFE Secures $250m in Series B funding

Vietnamese fintech VNLIFE has secured $250 million in a Series B funding round led by General Atlantic and Dragoneer Investment Group with participation from PayPal Ventures and EDBI as well as existing investors GIC and SoftBank Vision Fund 1.

The new funds will be used for the development of new platforms and technologies to fuel the company's "continued digitisation of Vietnam's service ecosystem".

The firm's core fintech subsidiary, VNPAY, offers digital payment software and other technology solutions for banks looking to develop mobile payment apps or enhance their digital operations.

It currently claims to serve over 40 banks across the country. The company's digital payments network, VNPAY-QR, also boasts 22 million users and over 150,000 merchants.

VNLIFE's retail arm TEKO also aims to provide software solutions to help digitise businesses.

Niraan De Silva, managing director at 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."