Multinational conglomerate Lippo Group has invested in Singaporean multi-currency payment provider MoolahGo. Details on the investment amount were not divulged.
The investment is part of MoolahGo’s Pre-Series A funding round.
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With the fresh capital, MoolahGo plans to expand its payment offering such as digital mobile payments.
The firm also plans to use the infusion to open up new markets in the region.
MoolahGo CEO and founder John Hakim said: “We’re encouraged that this Asian giant shares our optimism of the Fintech opportunities in this region especially in Southeast Asia and recognise that MoolahGo possesses a differentiated vision and value proposition that allows us to compete successfully in this market.
“We look forward to working closely with Lippo not just as our shareholder but also as a key business partner to propel our business forward across the region.”
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By GlobalDataLaunched in 2018, MoolahGo is a payment institution licenced by the Monetary Authority of Singapore.
It offers business-to-consumer (B2C), consumer-to- consumer (C2C), and business-to-business (B2B) services.
Last March, MoolahGo secured seed funds from Thunes (earlier called TransferTo) founder and former CEO Eric Barbier.
In Singapore, Lippo owns interests in OUE and Healthway Medical. Notably, the firm launched the OVO eWallet in 2016.
The firm has operations in Asia and North America.
