Baker McKenzie recently assisted VNLIFE Corporation Joint Stock Company ("VNLIFE") in successfully raising more than USD 250 million in a series B funding round led by General Atlantic and Dragoneer Investment Group, with participation from PayPal Ventures and EDBI, the corporate investment arm of Singapore's Economic Development Board. The round, which is said to be one of the largest conducted in Vietnam[1], also saw the participation of existing investors, Singapore sovereign wealth fund GIC and SoftBank Vision Fund.

VNLIFE is a leading technology company and is the parent company of fintech VNPAY, a unicorn fintech firm facilitating digital payment offerings for over 40 banks in the country. VNLIFE also operates VNPAY-QR, the nation’s largest interoperable cashless payment network, with 22 million users and over 150,000 merchants. VNLIFE also extends its business to other sectors, such as tourism, logistics, commerce and enterprise management.

The Baker McKenzie team, which has lead responsibility for pre-transactional due diligence and transactional agreements drafting, negotiation and general transaction management, was led by Partner HoangKimOanh Nguyen. She was supported by a team of lawyers with senior associate Thai Ninh (Daniel) Ngo and associate Chi Hoang Yen Ngo being key players in the transaction.

Commenting on the deal, HoangKimOanh Nguyen, who leads the Firm’s Banking & Finance and Capital Markets practice in Vietnam, said: "We are very pleased to have the opportunity to support our long-standing client in another strategically important transaction, after having assisted the company in successfully raising capital through private placement in 2019."

"This round of fundraising will provide our client with new capital to fund existing businesses and develop new platforms. We are extremely honored to be able to play a part in our client's growth story, and look forward to continue supporting their legal needs as they continue to pioneer the development of Vietnam’s digital ecosystem."

 



 

 

[1] VNLife nets over $250m in one of Vietnam’s largest-ever funding rounds, Tech in Asia, 30 July 2021

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