Funtap, a Vietnamese mobile gaming company, has invested 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.
We have reached out to 9Pay for more details on the deal. We will update this article as and when hear from them.
Founded in 2015, Funtap provides mobile game publishing and development. Its games are also available in Thailand, Malaysia, and Singapore. Last year, the company secured a seven-digit investment in a 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.
Also Read: 2021: Predicting another bumper (un)predictable year for payments
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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