Revenue Monster Group receives US$6.5 million funding

Revenue Monster Group, a Malaysian financial technology (fintech) company, announced a successful private equity funding round and the signing of a memorandum of understanding (MoU) that solidifies its mission to create what it claimed to be Malaysia’s most holistic fintech solutions ecosystem.

Having secured US$6.5 million (RM30 million) in funding from private equity firm The SEA Capital (SEA), the firm said it has partnered with local financial technology solutions provider Fullrich Malaysia (and their local licensed e-wallet brand, TaPay) and software developer, Allied Protocol to build a more advanced B2B & B2G2C fintech ecosystem, which comprises end-to-end payment solutions from Point-of-Sale (PoS) to an e-wallet license. 

Lim Kar Aik, chief executive officer of Revenue Monster Group, said with the recent restructuring and the second round of funding from The SEA Capital, the group has integrated greater strengths in the fintech industry to provide customised digitalisation solutions according to the scale and needs of businesses. 

“This includes aggregating merchant services and mobile payments, enabling online-to-offline commerce, background data analysis and marketing optimisation.

“The group has also been actively working with traditional industries to achieve digital transformation.” 

Lim said the group recently built a smart community with a renowned real estate developer where we develop smart homes and provide residents with a better living experience.

He added that everything is now made easier with a mobile application, not forgetting the reduction in management costs and improved service efficiency. 

“Our vision is aligned with the development initiatives of the Ministry of Housing and local government, to lead and cultivate the growth of smart cities,” he said.

The company said the MoU is set to act as a solid pillar in Revenue Monster’s ongoing plans to build a true super-app within the fintech space which accommodates and caters to the full spectrum of services and solutions within the industry. 

Speaking on the MoU, Sun Jian Wei, founder of Fullrich Malaysia, said “Through our white-label digital wallet solutions, government units, corporate groups, franchise merchants and school campuses can create their own e-wallet brands, holistically manage all scenarios, realise interconnection, and make all information and payment traceable. 

“This will help create a valuable closed-loop big data ecosystem, empowering more businesses to achieve digital transformation effortlessly,” he said.

The SEA Capital said that the post-epidemic era highlighted changes in the social and economic situation that have rewritten the rules of its business. 

The SEA Capital said it believes that the Revenue Monster Group embodies these qualities, prioritising both the growth of economic prosperity and human well-being.

TaPay was launched by Fullrich Malaysia in 2017. The mobile e-wallet service which is licensed by Bank Negara Malaysia, provides users with a secure payment system and has received tremendous support from many large merchant outlets and government units over the past few years.

Allied Protocol on the other hand has more than 20 years of IT development experience, providing 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.

According to Revenue Monster, the new solutions integrations through the MoU are set to complement its existing offerings including the group’s online super store solution, à la carte that caters to the B2C market in the F&B category and WeTix, the cinema and movie aggregator alongside Revenue Monster’s B2B solutions within its merchant portal.

The group said it is set to reveal more strategic plans locally and abroad in the coming months, as it looks to accelerate its position as a leader within the industry and assist more local businesses to transform and upgrade.

Source from: digital news asia