Boost Rumoured to Be Raising up to US$100M to Expand Digital Banking Operations
by Johanan Devanesan May 2, 2023Boost Holdings Sdn. Bhd., a fintech unit of Malaysia’s Axiata Group Bhd., is considering raising between US$50 million to US$100 million in a new funding round, according to anonymous sources familiar with the matter.
Boost Holdings is working with a financial adviser on the potential fundraising, which could value the startup at several hundred million dollars, the sources said.
The funds raised would be used to expand the company’s digital banking operations, according to the people who asked not to be identified due to the confidentiality of the information. Boost is the regional fintech unit of Axiata, Malaysia’s biggest wireless firm by revenue, and offers an all-in-one app, merchant solutions, AI-based lending and a cross-border payment platform.
A consortium of Boost Holdings and RHB Bank Bhd. was among five groups that won digital bank licenses from Malaysia’s central bank Bank Negara Malaysia last year. The company sold a 21.9% stake to Great Eastern Holdings in 2020 for US$70 million, valuing it at US$320 million.
