Ride-Hailing Operator TADA, announces strategic investment from South Korea’s Shinhan Bank in Series A Extension Round.
MVLLABS the company behind TADA, Southeast Asia’s first blockchain-based zero-commission ride-hailing service, says its completed the Series A extension round for an undisclosed sum, led by one of the largest commercial banks in Korea by assets, Shinhan Bank.
Samkee Automotive, an international die-casting specialist, and South Korea’s home living and furniture brand, iloom also participated in this round. The completion of this extension round brings the total MVL’s Series A sum raised to just under USD 10 million.
According to MVL CEO Kay Woo, the financing will be used to fund MVL’s continued expansion within its existing markets and for development of the mobility ecosystem built on MVL’s blockchain protocol.
Koo says the investment will enable MVL to capitalise on the growth of TADA, its zero-commission ride-hailing product, where drivers and riders strive towards a sustainable commuting future. Investment will be made into developing competencies to deliver innovative new products and services based on MVL’s blockchain.
“With this investment, we can continue aggressively on our mission to build a sustainable and fairer mobility ecosystem. We recently launched TADA Delivery in Cambodia to help businesses and our drivers tide through this COVID-19 season. This has demonstrated how we can use technology to be a force for good. We thank our investors for the trust and sharing the same vision of a fair, sustainable and equitable mobility ecosystem,” says Koo.
MVL’s blockchain-based mobility platform has experienced great growth for its users in Southeast
Asia over the past three years.
A representative from Shinhan Bank, says with its retail financial service capabilities, such as the e-wallet, the Bank expects to create greater synergies that will be a win-win for both Shinhan and MVL.
Late last year, MVL’s first Series A investment of USD 5 million was led by South Korean venture capital firm, SV Investment. South Korea’s largest car parts manufacturers, Central and SIMWON Inc., also participated in the previous round.
(Ed. MVL is a mobility ecosystem based on the Mass Vehicle Ledger incentive-based mobility blockchain protocol. MVL has been driving the mass adoption of its mobility blockchain through Southeast Asia’s first zero-commission blockchain based ride-hailing service, TADA, Over 81,000 drivers and more than 550,000 thousand users have used TADA in Singapore, Vietnam and Cambodia. Shinhan Bank is part of the Shinhan Financial Group and is one of the largest commercial banks in Korea.)