Malaysian fintech Revenue Monster Group announced that it has secured RM30 million in funding from private equity firm The SEA Capital, its second round of capital injection from the investor, following a recent restructuring exercise.
The group has also formed a partnership with The SEA Capital, local fintech solutions provider Fullrich Malaysia and their local licensed e-wallet brand TaPay as well as software developer, Allied Protocol.
TaPay was launched by Fullrich in 2017 and is licensed by Bank Negara Malaysia (BNM), providing users with a secure payment system.
Meanwhile, Allied Protocol provides software and hardware solutions for merchants in various fields, including PoS terminal systems and enterprise resource planning to help new and mature enterprise customers improve business management efficiency.
The partnership was formed with the aim to build a more advanced B2B and B2G2C fintech ecosystem which comprises end-to-end payment solutions from Point-of-Sale (PoS) to an e-wallet license.
The new solutions integrations through this partnership are set to complement existing Revenue Monster offerings.
This includes the group’s online super store solution, à la carte that caters to the B2C market in the F&B segment and WeTix, the cinema and movie aggregator alongside Revenue Monster’s B2B solutions within its merchant portal.
Revenue Monster Group added in a statement that it is set to reveal more strategic plans locally and abroad in the coming months.
Lim Kar Aik, CEO of Revenue Monster Group said that the group has integrated greater strengths in the financial technology industry to provide customised digitalisation solutions according to the scale and needs of businesses such as aggregating merchant services and mobile payments, enabling Online-to-Offline (O2O) commerce, background data analysis and marketing optimisation
Sun Jian Wei, Founder of Fullrich Malaysia said,
“Through our white-label digital wallet solutions, government units, corporate groups, franchise merchants, school campuses and many more can create their own e-wallet brands, holistically manage all scenarios, realise interconnection, and make all activity information and payment traceable.
This can help create a valuable closed-loop big data ecosystem, empowering more businesses to achieve digital transformation effortlessly.”
Featured image: (From left)Lew Choon Meng, Partner, Corporate Practice Group, Julius Leonie Chai; Kamarul Ariffin, Group Chairman Fullrich Malaysia; Sun Jian Wei, Founder, Fullrich Malaysia; Lim Kar Aik, CEO, Revenue Monster Group; Dato Derrick Hooi, Managing Director of The SEA Capital; and, Allan Tan, General Partner, The SEA Capital.
