Besides joining a community of next-generation tech start-ups in Taiwan and beyond in this eight-week program, the one-stop portal of digital vouchers and in-game currencies is also undergoing a Series A funding round in East Asia and scaling up its B2B partnerships globally.
TAIPEI, August 8, 2022 — Wallet Codes secures an invitation to the 500 Global Accelerator Taiwan with TTA 2022, joining next-generation tech start-ups in Taiwan and across the world in an eight-week program from August 15 to October 7, 2022.
Run by 500 Global, a venture capital firm, the program will offer Wallet Codes a mix of sessions that cover product market fit, growth experiments, best practices for capital attraction, as well as pitch preparations with an assigned mentor for the Demo Day on October 28.
Sharon Maurenn, Co-Founder & Chief Executive Officer of Wallet Codes, said, “Ever since our incorporation in December last year, Wallet Codes has been operating as an independent entity separate from Forest Interactive. Priding ourselves as a young, enthusiastic, and innovation-driven company, we are regularly incorporating new payment gateways and products across our seven operating regions to best serve the needs of our customers.”
As an honored invitee to this year’s 500 Global Accelerator Taiwan with TTA, Wallet Codes is also entitled to lifelong mentorship and exclusive access to 500 global events moving forward.
The Wallet Codes Vision
The last two pandemic-ridden years have undoubtedly left a mark on the global economy, posing a substantial challenge to businesses across the globe, with many succumbing entirely in its wake. But it was not the case of Malaysia-founded Wallet Codes.
With the company’s inherently digital and adaptive nature, Wallet Codes has successfully transitioned from being a proprietary product under Forest Interactive to establishing itself as a standalone start-up operating in seven markets as of December last year.
Prioritizing the privacy, safety, and convenience of its users, Wallet Codes has now attracted more than 300,000 registered users and facilitated over a million transactions since, generating a profit of USD 7.8 million as of today.
To fortify and expand its position as a burgeoning entity in the e-commerce market, Wallet Codes is now actively raising funds and seeking investors in East Asia, namely Taiwan, Japan, and South Korea.
Series A Funding Rounds in East Asia
“In the next few years, we are setting our sights on exciting new markets in Asia, Africa, Europe, and the Americas, as we realize our business proposition to offer safe and affordable e-vouchers to a wider audience,” shared Sharon. “To achieve that goal, we are actively seeking new investments across the industry in the Asia Pacific region, where we are based, and we are glad to be invited to be part of the 500 Global Accelerator program in Taiwan.”
As of August 2022, Wallet Codes is seeking to raise a total of USD 2.04 million through venture capitalists (VCs). Wallet Codes has set a formidable target to reach 60-70% Year-over-year growth in the next 4 years, through an expansion to new markets, namely Mainland China, the United States, Hong Kong, Morocco, and Peru.
Jocelyn Chang, Co-Founder and Chief Marketing Officer at Wallet Codes, who also oversees its product operations in the East Asia region, said, “Wallet Codes users from East and Southeast Asia have always been our driving force to aim higher and go further. To provide convenience and security, as well as expand product availability to our customer base, we launched our Android app in March this year, while also introducing brand-new products that fit the local and regional interests of our users.”
Scaling with B2B Partnerships
Apart from the unequivocal success on the mass consumer front, Wallet Codes has systematically scaled up its business-to-business (B2B) end by developing core partnerships over its years of operation, with high priority given to the fintech and banking institutions across all operating regions.
In Cambodia, Wallet Codes has forged extended partnerships with several major local banks, including ACLEDA bank, one of the nation’s leading commercial banks, and Canadia bank, among Cambodia’s largest. Most recently, Wallet Codes was also designated as a digital content partner for Payluy Wallet, the proprietary mobile app of Payluy, a Cambodia-based electronic payment provider that utilizes peer-to-peer technology in its services.
Over in Taiwan, Wallet Codes has inked multiple partnerships with major Taiwan e-voucher resellers and wholesalers, among the likes include ASUS and Regent, as well as FarEasTone through Virtual Points, a digital sales platform created by the Wallet Codes team.
Grand App Launch on the Google Play Store in March
Another milestone was achieved earlier this year with the official launch of the Wallet Codes Android app in Taiwan, the platform’s largest user base, alongside an array of promotional events, discounts and P Points giveaways!
The Wallet Codes mobile app was promptly expanded to all Wallet Codes operating markets in quick succession, exclusively on the Google Play Store.
As a security measure to safeguard the privacy of our users, Wallet Codes has also deployed an OTP verification system with every new sign-up for its mobile app in Taiwan.
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About Wallet Codes
Wallet Codes offers a wide variety of over 50 digital top-up vouchers and gift cards such as Mobile Legends, PUBG UC, Steam, iTunes, Nintendo, and more.
Available to gamers and shoppers via the Wallet Codes website and Android platforms, at affordable prices and with multiple payment modes, Wallet Codes facilitates secure, safe, convenient transactions with every purchase. Every successful purchase enrols users in the P Points loyalty reward program, whereby accumulated points can be used to redeem any voucher and gift card available on the platform. The highlight? There are no expiry dates or redemption periods.
Wallet Codes also offers B2B partnerships for brand distributors and resellers, alongside fintech and banking institutions looking to expand their portfolio. Existing entities in partnership include ASUS, FET from Taiwan, Payluy from Cambodia, Kenz’up from Morocco, and more.
Since its inception in 2017, Wallet Codes has now expanded to seven operating countries across Asia, including Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Taiwan, and Thailand.
Buy. Redeem. Reward. Repeat.