Ongo, a Myanmar-based mobile payments business, received a strategic investment from the National Bank of Canada.
National Bank Of Canada has become a new strategic shareholder acquiring a 22% shareholding. The terms of the deal are not being disclosed.
Led by Michael Madden, Founder and Chairman, Ongo is the consumer facing brand of Ronoc Asia, a subsidiary of the emerging markets investment business Ronoc. It offers customers to use their smartphone to Cash-in (convert their cash into Emoney) and Cash-out at over two hundred cash agent locations around Yangon and access a suite of instant services including: Mobile top-up, P2P money transfer, B2B payments and Bill Payments.
Customers can also receive their payroll/salary direct to the E-wallet through Ongo’s Mobile Payroll Service.
The company currently employs over three hundred people in Yangon and is expected to grow to five hundred by year end.
The addition of NBC as a strategic investor will strengthen the company’s capabilities and accelerate its timelines in Myanmar as well as expand to other markets in the region.