Coins.ph, the Philippines’ fiat and crypto wallet services provider and Joffre Capital portfolio company recently announced the completion of a $30 million Series C financing led by Ribbit Capital, and “joined by other strategic investors.”
The new capital will be used “to further expand its Web3 ecosystem and presence throughout Southeast Asia.”
Coins.ph is Southeast Asia‘s “mainstream” super app that claims more than 16 million users with licensed fiat and crypto wallet and exchange services “including cryptocurrencies, e-wallet, and payments.”
The company is regulated by the Bangko Sentral ng Pilipinas (BSP) and is “the first-ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.”
Wei Zhou, CEO of Coins.ph, stated:
“As the Philippines continues to witness the mass adoption of cryptocurrencies, there is a real need for a secure, regulated, and user-friendly product in the market. We are solving that problem by delivering crypto and payment services that allow our customers to access, invest, trade, and spend their crypto assets seamlessly as a part of their daily lifestyles.”
He further noted:
“We enable our users, even those without bank accounts, to easily access a wide range of financial services directly from their mobile phones. Our mission is to increase financial inclusion across Southeast Asia’s largely unbanked population of 650 million through our highly trusted brand and long track record of operating in full compliance with regulations. We see a massive opportunity to capture new users as engagement with Web3 surges in the Philippines and beyond.”
He added:
“We will continue to build upon our leading market share and acquire new customers with a product that connects digital-first users with real-world goods and services. The completion of our Series C is a significant milestone for Coins.ph, and will allow us to accelerate and scale faster, bringing us one step closer to achieving our vision of being the go-to platform for all crypto, Web3, and P2E gaming in Southeast Asia and beyond.”
The additional funding will “support the Company by reinforcing the platform’s crypto-native credentials and adding new products and services.”
Current growth plans “include adding more cryptocurrency tokens, upgrading and relaunching the Coins.Pro exchange, offering additional crypto-focused merchant and payment services, supporting GameFi and guild management products, and entering new geographies.”
Launched in 2014, Coins.ph is “the most established crypto brand in the Philippines and has more than 16 million users.”
Through the easy-to-use mobile app, users can buy and sell “a variety of cryptocurrencies and access a wide range of financial services.”
The company was ‘acquired in early 2022 by Joffre Capital, a technology-focused buyout fund.”