VNLIFE Raises $250M in Series B Funding

Vnlife, a Hanoi, Vietnam-based payments provider, raised $250m in funding.

The round was led by General Atlantic and Dragoneer Investment Group, with participation from PayPal Ventures, EDBI, GIC and SoftBank Vision Fund 1.

The company intends to use the funds to accelerate the growth of its existing businesses and support development of new platforms and technologies.

Led by Niraan De Silva, Managing Director, Vnlife provides technology solutions being offered by its core financial technology subsidiary, Vietnam Payment Solution JSC, to over 40 banks across the country. The company also operates VNPAY-QR, an interoperable cashless payment network, with 22 million users and over 150,000 merchants.

Since 2019, VNLIFE has also scaled its subsidiary VNTravel Tourism JSC into a domestic Online Travel Agency, operating across several brands as well as its New Retail division, Teko Vietnam Technology JSC. TEKO has developed a portfolio of complementary software solutions that enable large and small enterprises throughout the country to digitize their analogue businesses.