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Aya Lin · · 1 min readIn brief: Vietnam payments startups to merge, raise $30m for expansion
- Vimo Technology JSC, a mobile wallet provider, and Vietnam mPOS Technology JSC, which develops portable point-of-sale technology, will be combined and rebranded as NextPay Holdings, Bloomberg reports.
- Nguyen Huu Tuat, chief executive officer of mPOS, will become CEO of the combined entity. Nguyen Hoa Binh, who founded the two Hanoi-based startups, will be NextPay’s chairman. The combined company will have a presence in 11 cities across Vietnam, with more than 35,000 acceptance points.
- NextPay is in talks with investors to raise about US$30 million and anticipates closing the round soon, Tuat said. The capital will help the company as it plans an expansion into Myanmar and Indonesia in 2020.
Editing by Dante Gagelonia
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