Philippine Fintech Startup SCI Closes Seed Round With Investment From K Venture Group, Kakao’s Venture Capital Arm.
KVG (K Venture Group), in its first venture in the Philippines, forges a strategic partnership and invests in SCI (Satoshi Citadel Industries). Aligned with KVG’s vision to lead the innovation of mobile transformation around the world, SCI’s ecosystem of financial technologies serves as a key addition to the company’s portfolio of investments.
KVG is known as the investment arm of Kakao Talk. Launched last January 2015, they have been active in looking to expand in both local and global investments.
The Philippines, being the third biggest remittance market in the world where over 69% of the population have no access to bank accounts, has proven perfect for the Bitcoin technologies that SCI has developed. Aside from that, SCI’s sustained growth and profitability in the last two years is an assurance of a secure and stable investment for KVG.
KVG will support SCI through synergies with Kakao as well as its other business assets and connections with its network of global partners. SCI will use its seed investment to strengthen its technology, grow its team, and expand its number of partners from all over the world.
John Bailon, CEO of Satoshi Citadel Industries, has always been keen on developing the Bitcoin ecosystem in the country.
Bailon said in a statement, “We’re happy to be backed by KVG. They bring a wide range of expertise and access to platforms that will help us get to the next level towards our vision.”
From international money transfers made more accessible and also affordable for everyone to SCI’s very own Bitcoin wallet, the future looks promising as SCI will have more opportunities in developing inclusive financial solutions through the Bitcoin ecosystem in the Philippines.
KVG’s Principal Partner, Scott Kwon, believes that, “One of the most inconvenient sectors in the Southeast Asia region is the banking sector. We at KVG believe that SCI, using the power of Bitcoin and the blockchain technology, provides an innovative solution to those problems.”
K Venture Group (KVG) is a 100% subsidiary of Kakao specializing in investments. KVG is popular for identifying and investing in companies with the potential to create new user experiences as well as values, fostering and supporting innovative ideas to improve existing inefficiencies and discomfort.
Satoshi Citadel Industries is a fintech startup company that runs Rebit.ph, BuyBitcoin.ph, PrepaidBitcoin.ph, Bitmarket.ph, and Bitbit.cash — an ecosystem of Bitcoin technologies that empowers the Filipino with universal access to otherwise inaccessible financial services.