Coins is a fintech startup for Southeast Asia’s unbanked population.
Naspers Limited (NPSNY) is making a push into bitcoin and financial services. As part of that initiative it is backing Philippines-based startup Coins.ph to the tune of $5 million.
Naspers is a South Africa based firm that specializes in e-commerce and consumer businesses in emerging markets. Its investments include Tencent, Asia’s highest value tech firm, India’s Flipkart, and now Amazon owned Souq.com in the Middle East.
Naspers announced the new funding as an extension to the $5 million Series A round that it closed last October.
Coins is focused on offering financial services for the unbanked in the Philippines and Thailand. Therefore, it uses the blockchain as its underlying technology to facilitate transfers and remittances.
“The issues we are solving in the Philippines are quite prevalent in the rest of the [Southeast Asian] region.” This according to James Caviness, VP and CPO of Naspers’ PayU business. “Existing financial systems exclude people who don’t meet the income requirements. That is why we’ve had such a large unbanked population.”
The startup currently offers a range of services. These include credit, basic banking, bill payments, top-up and remittance payments. However, none of these services requires a user to have a bank account. And rather than offering services directly, Coins works with partners to serve users.