Vietnamese e-wallet MoMo has picked up a 49% interest in a local securities brokerage firm while Singapore-based future culture platform Mighty Jaxx has acquired two startups.
MoMo picks up 49% stake in CV Securities
Vietnamese fintech unicorn MoMo has acquired a 49% stake in local securities brokerage house CV Securities, according to the latter’s filing to the State Securities Commission of Vietnam.
With this deal, MoMo will gain a licence to distribute investment products on its app.
The e-wallet company had recently also partnered with asset manager Dragon Capital to allow its users to invest in fund certificates managed by the latter.
In addition to payments, MoMo provided other financial services such as insurance, lending, and investment to its more than 31 million users.
Late last year, MoMo raised a $200 million Series E round led by Japan’s Mizuho Bank, confirming its unicorn status for the first time.
Other foreign investors in MoMo include Ward Ferry Management, Goodwater Capital, Kora Management, Warburg Pincus, Macquarie Capital, Affirma Capital and Tybourne Capital Management.
In a deal earlier this month, Vietnamese robo-advisor Finhay acquired securities company Vina Securities.
MoMo and Finhay have a common early backer – Thien Viet Securities.
Mighty Jaxx acquires two startups
Singapore-based integrated future culture platform Mighty Jaxx has acquired local companies Kinetiquettes, a high-end statue collectible company, and PLAYe, a specialised direct-to-customer platform of consoles, video games, collectibles, and action figures.
The company did not disclose the acquisition value but said it was a multi-million-dollar sum.
The purchases come as Mighty Jaxx has recently raised a Series A+ funding round in excess of $20 million. The company has secured a total of over $40 million to date.
“The physical collectible has always been our core business and while that will not go away, the intention is to take what we have and amplify it both digitally and phygitally. The acquisition of Kinetiquettes and PLAYe moves us closer to our creative vision of working towards connecting all our fandoms onto the MightyVerse,” said Mighty Jaxx founder and CEO Jackson Aw.
Kinetiquettes will bring onboard cult gaming IPs for Mighty Jaxx to develop a new product category. Meanwhile, Mighty Jaxx plans to leverage PLAYe’s direct-to-customer (DTC) channels, and set up new business-to-business channels and multi-brand DTC touchpoints across Southeast Asia for a stronger omnichannel shopping experience.