Funtap, a Vietnamese mobile gaming company, has purchased a 30 per cent stake in local digital payments platform 9PAY, DealStreetAsia has reported.
The seven-digital US-dollar investment is part of Funtap’s plan to expand its technology offerings, the report said quoting CEO Minh Bui.
Bui added the company is looking to expand its services to sectors including fintech, edtech and media.
Following the deal, mobile gamers on Funtap can make game-related purchases using 9PAY’s digital wallet.
Founded in 2015, Funtap provides mobile game publishing and development. The Hanoi-based company claims it has more than 40 million customers across the world, while its games are available also available in Thailand, Malaysia, and Singapore.
Last year, Funtap secured a seven-digit investment in Series A round of financing, led by Makers Fund.
Meanwhile, 9PAY was established in 2018. Licensed by the State Bank of Vietnam, the fintech platform offers a suite of services including a payment gateway, a digital wallet, and cash services for individual and corporates. The company noted it aims to reach US$200 million in gross merchandise value (GMV) and 1.5 million users this year.
Also Read: 2021: Predicting another bumper (un)predictable year for payments
Dung Nguyen, CEO of 9PAY noted the partnership will enable the company to tap on Funtap’s 40 million users to acquire new customers.
According to Bain, digital payments in Southeast Asia is forecast to hit US$1 trillion in gross transaction value (GTV) by 2025. Riding on the positive outlook on the payments sector, Funtap’s foray into it follows the playbook of other gaming companies.
Local internet unicorn VNG Corporation and Garena, the gaming unit of US-listed Sea Group both have embedded digital payments services onto their platforms.
VNG owns local e-wallet provider ZaloPay, while Sea’s digital payments arm SeaMoney operates AirPay in Vietnam.
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Image Credit: Funtap
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