Coins.ph, a fintech platform and a Filipino startup, will be going under new management.
It’s been reported that its owner since 2019, GoJek from Indonesia, sold the company to former CFO of Binance and Grindr for USD200 million. That’s around Php10.2 billion when directly converted to peso.
According to the report, the buyer is named Wei Zhou, who left his post in Binance back in June of 2021.
Coin.ph was founded by Ron Hose as a digital wallet service until it expanded and started offering other services like bill payments, mobile loads, and more.
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By January 2019, it was acquired by GoJek for USD95 million (around Php4.9 billion). Now, it’s being sold for twice that price.
Hose stayed in the company until 2020. The founder now works as a partner in venture capital firm Wavemaker Partners that’s based in Singapore.
GoJek selling its stake on Coins.ph could signal that it’s ending its efforts to enter the local market. The Indonesian firm was set to do a full expansion in the country until regulators didn’t grant its ride-hailing service a license.