Society Pass, a data-driven loyalty platform in Vietnam, today announced the closing of its Series C funding round.
The details of the money raised and investors remain undisclosed.
The funding will enable Society Pass to acquire new growing e-commerce brands in Southeast Asia, with Vietnam, Indonesia and the Philippines among its priority markets, with several deals in the pipeline for 2021.
“This new funding will allow us to replicate our success in our target markets and our ongoing aggressive M&A initiatives in the pipeline,” said founder, chairman and CEO Dennis Nguyen.
Founded in 2018 by Nguyen, Society Pass operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the regular circulation of its universal loyalty points. It connects consumers and merchants across multiple product and service categories fostering organic loyalty.
Also Read: Society Pass acquires Vietnam’s luxury e-commerce brand Leflair that was closed last year
Society Pass claims it has amassed over 1.5 million registered users and over 3,500 registered merchants and brands.
Separately, Society Pass announced the relaunch of Leflair that it acquired in June this year after the luxury e-commerce brand filed for bankruptcy in 2020. Before the acquisition, Leflair generated over US$10 million in sales y-o-y and was ranked amongst the top 5 e-commerce platforms in Vietnam.
The addition of Leflair complements Society Pass’s two other existing businesses: SoPa, an online ordering and loyalty platform, and #HOTTAB, a POS service provider specialising in payment infrastructure, loyalty management and joint marketing programs for merchants.
It builds on the fast-growing e-commerce opportunity in Vietnam, one of Southeast Asia’s fastest-growing e-commerce markets, valued at US$13.2 billion and expected to grow steadily until 2025.
According to the Digital 2021 Global Overview Report by HootSuite & We Are Social, Southeast Asia is sporting a 69 per cent internet penetration rate with 9.6 per cent YoY growth, and South Asia with a 42 per cent internet penetration rate with 9.1 per cent y-o-y growth.
Both regions stand to see tremendous growth, with Google, Bain, and Temasek estimating Southeast Asia internet economy GMV reaching US$309 billion by 2025, while RedSeer Consulting estimates the South Asia internet economy to touch US$250 billion by 2025.
E-commerce and online travel are expected to take the lion’s share of this growth. Society Pass plans to expand its market presence by harnessing the untapped potential of South and Southeast Asia believing that developing countries are only now experiencing a surge in digital adoption, with large potentials for future growth.
Society Pass capitalises on the rapidly developing earlier stages of the internet economy in the region, spanning verticals such as F&B, beauty, travel and lifestyle.
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