Coins, a digital payments and blockchain startup, raised US$5m in Series A funding.
The round was led by the Accion Frontier Inclusion Fund, managed by Quona Capital, with participation from Eric Schmidt’s Innovation Endeavors, Pantera Capital, Digital Currency Group, Wavemaker Labs, Global Brain, BeeNext, Rebright Partners, Kickstart Ventures and Ideaspace Foundation.
The company intends to use the funds to expand access to basic financial services to unbanked individuals in the Philippines and throughout Southeast Asia.
Founded in early 2014 by CEO Ron Hose and CTO Runar Petursson, Coins is a mobile-first, branchless, blockchain-based platform that provides consumers in the Philippines and Thailand with direct access to basic financial services such as remittances, bill payments, and mobile airtime.
To provide these services, Coins has partnered with several banks, financial institutions and last-mile retail outlets, spanning a network of over 22,000 cash disbursement and collection locations in the Philippines alone.