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Fintech startup Coins raises US$ 5M in Series A financing round

By Ashley Lucas - on 24 Oct 2016, 12:00pm

Fintech startup Coins raises US$ 5M in Series A financing round

Ron Hose, CEO, Coins.ph

With a mission to provide the unbanked population with direct access to basic financial services, digital payments and blockchain startup Coins announced today that it has raised US$ 5 million in Series A financing round, enabling it to further increase the financial inclusion in Southeast Asia.

The Series A funding round was led by Accion Frontier Inclusion Fund, managed by Quona Capital, and also includes a number of notable investors such as Eric Schmidt's Innovation Endeavors, Pantera Capital, Digital Currency Group, Wavemaker Labs, Global Brain, BeeNext, and Rebright Partners. Other investors include Kickstart Ventures and Ideaspace Foundation.

“Coins is collaborating with key ecosystem players to architect a new financial and payment infrastructure in Southeast Asia,” said Ganesh Rengaswamy, partner at Quona Capital, which manages the Accion Frontier Inclusion Fund. “Its innovative technology and use of blockchain allow Coins to enable digital access, cut costs, and improve the quality of financial services for the unbanked and underserved across Southeast Asia. We are excited to support this mission.”

According to Ron Hose, CEO of Coins, the company likes to make "access to financial services as easy and approachable as getting a Facebook account.”

Coins stated that overseas workers will benefit from the service, as those who are currently paying 6 to 8 percent to send funds through companies like Western Union will be able to save up to 80 percent in fees through Coins.

Leveraging the blockchain has enabled Coins to connect its services to partners with a presence in over 40 countries, and offer instant, low-cost settlement of cross-border payments and remittances. 

“We are very excited to have such a great network of partners behind us who share our vision of increasing financial inclusion. In the coming months, we will continue to build new partnerships with banks, financial institutions, and retailers to connect customers across Southeast Asia with best-in-class financial services,” said Coins CTO, Runar Petursson, who co-founded the company alongside Silicon Valley entrepreneur Ron Hose.

Founded in early 2014, Coins is a blockchain-based platform that offers customers a convenient way to pay bills, send remittances, and purchase mobile airtime. Coins has partnered with a large number of banks, financial institutions, and last-mile retail outlets, spanning a network of over 22,000 cash disbursement and collection locations in the Philippines alone to provide these services. To date, over 500,000 users has signed up to use this service.