Wednesday , June 29 2022

Shinhan acquires 10 pct stake in Tiki


South Korea’s Shinhan Financial Group said it has reached an agreement to acquire a 10 percent stake in Vietnam-based e-commerce company Tiki.

The South Korean group said its two units, Shinhan Bank and Shinhan Card, will pick up 7.44 and 2.56 percent stakes in Tiki, respectively.

It has invested $90 million in the e-commerce player, news site DealStreetAsia cited a source familiar with the matter as saying.

“Based on Shinhan’s financial expertise and Tiki’s database in a broad range of areas, we are expecting to build a new converged digital ecosystem in Vietnam,” a Shinhan representative said in a statement.

The deal was first reported by DealStreetAsia in January, with initial investment of around $40 million.

Founded in 2010, Tiki is the fifth most popular e-commerce site in Vietnam with 17.9 million monthly visitors last year, according to data portal Statista.

It closed the Series E round last November with $258 million, which was led by insurance group AIA. The company has raised about $450.5 million in total, according to Crunchbase.

The round brought Tiki closer to unicorn status, with a valuation of around $832 million.

Shinhan Bank, the largest foreign lender in Vietnam in terms of assets, has around 650,000 users of its online platform, which was launched in 2018.

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