Coins, a Manila, Philippines-based mobile blockchain-enabled payments platform, secured an additional $5m in Series A funding.
The round, which brought the total amount raised in its Series A funding to US$10M, was led by Naspers Ventures. In conjunction with the funding, James Caviness, vice president and chief product officer at Naspers’ PayU, joined Coins’ board.
The company plans to use the capital to accelerate its regional growth and to establish additional cash-based services and partnerships to further serve its customers.
Led by Ron Hose, CEO, Coins provides a blockchain-enabled mobile payments platform which enables anyone – including those without a bank account – to access a broad range of financial services including remittances, airtime top-ups, e-commerce and P2P payments directly from their mobile phone.
To date, the company has signed up over one million customers, primarily in the Philippines and Thailand.