Indonesian property firm Lippo Group has made a strategic investment in Singapore-based multi-currency specialist MoolahGo as part of the latter's pre-series A raise.
Lippo Group is investing an undisclosed amount in MoolahGo, a Singapore startup that deals in currency exchange, cross-border payments and e-multicurrency payments, the firm announced in a blog post on Tuesday.
MoolahGo said it would use the funds to bring to market payment services that it has been developing and expand to new markets in the region. Its marketplace-based platform allows market participants to directly connect with each other.
The company has previously received seed funding from Eric Barbier, the founder and former CEO of payments company TransferTo (now known as Thunes).
Led by Former Credit Suisse COO
«We're encouraged that this Asian giant shares our optimism of the fintech opportunities in this region especially in Southeast Asia and recognize that MoolahGo possesses a differentiated vision and value proposition that allows us to compete successfully in this market,» said John Hakim, CEO and founder of MoolahGo.
Hakim launched MoolahGo in 2018 after 15 years in the banking industry, most recently as chief operating officer of Credit Suisse’s Asia Pacific Real Assets Lending business.
Lippo is also behind e-wallet Ovo, established in 2016 and now a unicorn in Indonesia. It sold 70 percent of its stake in Ovo in 2019.
