Thailand’s Line Man Wongnai acquires majority stake in local payments platform

Photo credit: Line Man Wongnai

Thailand’s Line Man Wongnai and Line Company have acquired shares of Rabbit Line Pay, a digital payment platform in the country, from RabbitPay System and Advanced mPay.

The deal makes the food delivery unicorn the majority shareholder of Rabbit Line Pay, according to a statement. Yod Chinsupakul and In Young Chung, CEO and CFO of Line Man Wongnai, respectively, were also appointed into the same roles in the payment platform.

With the move, Rabbit Line Pay will increase its integration with the Line ecosystem in Thailand. This includes super app Line Man, restaurant discovery platform Wongnai, and online marketplace Line Shopping.

Rabbit Line Pay is a joint venture between Line Company and BTS Group, a Thai conglomerate. It offers an online and offline payment platform, which includes support for digital wallets, money transfers, and top-ups.

Meanwhile, Line Man Wongnai was formed through a merger agreement between Line Man and Wongnai in 2020. According to a report from Momentum Works, the firm currently holds a 24% market share in Thailand’s food delivery market. This makes it second to Grab, which has a 51% cut.

Line Man Wongnai has made several moves to expand its offerings this year. In July, the company acquired Foodstory, a restaurant point-of-sale systems provider. It also expanded its partnership with co-working major WeWork in March.