Society Pass, a Vietnam-based data-driven loyalty network, has announced the completion of its Series C investment round.
The amount of money raised, and the names of the investors are being kept under wraps.
With the financing, Society Pass will be able to purchase new developing e-commerce businesses in Southeast Asia, with Vietnam, Indonesia, and the Philippines among its target regions, with additional transactions planned for 2021.
“This new funding will allow us to replicate our success in our target markets and our ongoing aggressive M&A initiatives in the pipeline,” said founder, chairman, and CEO Dennis Nguyen.
Society Pass was founded by Nguyen in 2018 and runs several e-commerce and leisure platforms in its major countries. Its business strategy is based on gathering user data through the distribution of universal loyalty points on a regular basis. It fosters organic loyalty by connecting customers and merchants across many product and service categories.
According to Society Pass, it has over 1.5 million registered users and over 3,500 businesses and brands.
Separately, Society Pass announced the reopening of Leflair, which it purchased in June this year following the premium e-commerce brand’s bankruptcy filing in 2020. Prior to the takeover, Leflair had produced over $10 million in sales year over year and was among Vietnam’s top five e-commerce platforms.
Society Pass’s two other current businesses, SoPa, an online ordering and loyalty platform, and #HOTTAB, a POS solution provider specialising in payment infrastructure, loyalty management, and collaborative marketing programmes for retailers, will be enhanced by the acquisition of Leflair.
It expands on Vietnam’s fast-growing e-commerce sector, which is valued at US $13.2 billion and is anticipated to rise consistently through 2025.
Southeast Asia has a 69 percent internet penetration rate with a 9.6 percent YoY increase, while South Asia has a 42 percent internet penetration rate with 9.1 percent y-o-y growth, according to the Digital 2021 Global Overview Report by HootSuite & We Are Social.
Both areas are expected to see significant development, with Google, Bain, and Temasek forecasting a GMV of US $309 billion for Southeast Asia by 2025, and US $250 billion for South Asia by 2025, according to RedSeer Consulting.
This increase is likely to be dominated by e-commerce and online travel. Society Pass intends to extend its market presence by tapping into the untapped potential of South and Southeast Asia, thinking that developing nations are only now seeing a rise in internet usage, with enormous development potential.
Society Pass takes advantage of the region’s early phases of the internet economy, encompassing verticals such as food and beverage, beauty, travel, and leisure.
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