Ripple Partner SBI Group Makes Another Investment In Vietnam’s Second Largest Marketplace
- SBI Group participates in series C round of Sendo
- Last week, SBI launched the first Japan-Vietnam money transfer service via RippleNet with Ripple partner TPBank
One of Ripple’s leading partners, SBI Group has made an investment in Vietnam’s one of the largest C2C online marketplaces, Sendo, announced the Japanese financial services giant on Nov. 20.
Sendo Joint Stock Company is a Vietnamese e-commerce retailer and the second largest e-commerce site that operates in several countries across Southeast Asia. This online marketplace caters to individuals and small and medium-size stores and has over 500,000 sellers that sell 17 million items.
In this latest series C round, Sendo secured $61 million, its largest funding raised to date that involved its existing backers, SBI group, SoftBank Ventures Asia, Daiwa PI Partners, and Beenos, and new investors including Thailand’s Kasikornbank and EV Growth.
SBI group also invested $51 million in Sendo’s series B round in August 2018. As a lead investor, SBI Group now makes up for 21.02% of the investment in the company. The official announcement reads,
“We will continue to realize diversification of profits and sustainable growth by building an integrated ecosystem that organically connects financial services such as online payment services made on Sendo.”
This additional investment has been part of the company's expansion in the Vietnamese market. Last week, as we reported, SBI Ripple Asia, SBI Remit in collaboration with the Vietnamese bank TPBank launched the first Japan-Vietnam money transfer service in real currency via RippleNet.
Ripple has been constantly pushing into new markets and the latest one is the Vietnamese market. Earlier this month, Tien Phong Bank (TPBank) partnered with Ripple to use blockchain for cross-border payments.