Seize Monetary Group said today it has raised greater than $300 million in Sequence A funding, led by South Korean agency Hanhwa Asset Administration, with participation from K3 Ventures, GGV Capital, Arbor Ventures and Flourish Ventures.
The Financial Times reports that the funding values Seize Monetary, a subsidiary of ride-hailing and supply big Seize, at $3 billion. Each K3 Ventures and GGV Capital have been early buyers in Seize, which was based in 2012.
Again in February 2020, Seize introduced it had raised $856 million in funding to develop its cost and monetary providers. That information got here throughout hypothesis that Seize and Gojek, considered one of it prime rivals, have been lastly getting nearer to a merger after prolonged discussions.
However the Seize-Gojek talks stalled, and Gojek is now reportedly in talks to merge with Indonesia e-commerce platform Tokopedia as an alternative. According to Bloomberg, the mixed firm could be price $18 billion, making it a extra formidable rival to Seize.
In its funding announcement, Seize Monetary Group mentioned its whole revenues grew greater than 40% in 2020, in comparison with 2019. This pushed by robust client adoption of providers like AutoInvest, an funding platform that enables customers to speculate small quantities of cash at a time by means of the Seize app and insurance coverage merchandise. Seize Monetary introduced the launch of a number of monetary merchandise for customers and SMEs in August 2020.
Usagea of digital monetary providers by customers and SMEs in Southeast Asia elevated in the course of the COVID-19 pandemic. Based on a report printed by Google, Temasek and Bain & Firm in November, utilization of banking apps and on-line funds, remittances, insurance coverage merchandise and robo-advisor funding platforms all grew in 2020, and the area’s monetary providers market could also be attain $60 billion in income by 2025.
A consortium between Seize-Singtel was additionally amongst a number of corporations awarded a full digital-banking license by the Financial Authority of Singapore in December 2020.
In a press assertion, Hanhwa Asset Administration chief govt officer Yong Hyun Kim mentioned, “We count on GFG to proceed its expontential development on the again of an modern enterprise mannequin which helps the altering broader life-style of customers, in addition to its extremely synergistic relationship with Seize, the biggest Southeast Asian unicorn.”