Shinhan Bank of Korea confirmed to buy 10% of Tiki
The second largest bank in Korea, Shinhan Financial Group has just announced its decision to acquire a 10% stake in an e-commerce company. Tiki . The group said that its two units, Shinhan Bank and Shinhan Card, will hold 7.44% and 2.56% shares of Tiki, respectively.
According to Shinhan announced on May 2, the group will consider investing a total of 40 million USD in Tiki, possibly including repurchasing existing shares.
With a resource of 20 million users on Tiki, Shinhan Financial expressed its expectation to combine resources to create explosive growth in many fields, such as diversifying customer touch points, improving ability credit rating capabilities thanks to the use of different data sources, and rapid adaptation to the digital environment.
By combining Shinhan Financial’s long-term experience in financial services and Tiki’s database, the Korean investor aspires to develop a new converged digital ecosystem in Vietnam, according to a representative of Shinhan Financial spoke.
Shinhan Financial believes that the group’s services, including Shinhan Bank (banking services), Shinhan Card (card services), Shinhan Financial Investment (investment services), Shinhan Life (insurance) and Shinhan DS ( information security services) have been deployed in Vietnam. Shinhan banking application was released in 2018, and by the end of 2021 there were 648,799 users.
Tiki previously completed a series E funding round led by AIA with a value of USD 258 million in November 2021. AIA contributed $60 million to the e-commerce platform, and became Tiki’s strategic partner in the insurance segment, providing Tiki customers through the e-commerce application platform itself.
Other investors in this fifth round of funding include UBS AG, Korean investment management company Mirae Asset, Taiwan Mobile, AppWorks and its previous partner, STIC Investments.
This round of funding has brought Tiki close to becoming the next unicorn. The company has now raised a total of $450 million, according to DealStreetAsia. Representatives of Vietnam are also aiming to list on foreign exchanges.
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