Fintech PR

Vinted Secures TPG-Led Secondary Investment at Valuation of €5B, Reflecting Profitable Growth

Published

1 month ago

October 24, 2024

Secondary share sale of €340 million to a group of new investors, including TPG and Hedosophia, recognises employee contribution to Vinted becoming a leader in Europe.
The transaction values Vinted at €5 billion and brings in new investors for the next phase of growth.
In 2023, Vinted delivered 61% revenue growth and reached profitability, while investing for the future.

LONDON, Oct. 24, 2024 /PRNewswire/ — Vinted, Europe’s leading second-hand C2C marketplace focused on fashion, has closed a secondary share sale of €340 million at a valuation of €5 billion.

The transaction, led by TPG (NASDAQ: TPG), a leading global alternative asset manager, validates Vinted’s opportunity and progress in developing and growing the second-hand market globally. It also diversifies the company’s investor base with new expertise and rewards its employees and early investors for their contributions to Vinted’s success.

TPG Tech Adjacencies (TTAD), TPG’s strategy dedicated to providing flexible capital solutions to the technology industry, is funding the investment. Other major investment funds including Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures also participated. All of Vinted’s existing institutional investors remain invested in the company.

In 2021, at the time of Vinted’s last fundraising round, the company had a pre-money valuation of €3.5 billion. Since then, Vinted has increased its gross merchandise value (GMV) by more than 3.5x and has become fully profitable. In 2023, the company delivered revenue growth of 61% and had a double-digit EBITDA margin.* Vinted has become the European leader in its field, encouraging people to adopt new consumption habits and today, more than a third (37%) of Vinted members say that second-hand makes up at least half of their wardrobe.**

This growth has been enabled by Vinted’s rigorous focus on ensuring its members get excellent value at the lowest possible cost. In the last year alone, Vinted marketplace expanded in existing markets, and launched into new markets including Finland, Greece and Croatia. The company also launched a new verification service to help members trade designer and luxury fashion items more safely. This feature is now live in 10 countries.

In recent weeks, Vinted has begun the roll-out of a new category for electronics. And in parallel, the company has successfully expanded its shipping business in the Netherlands, Belgium, and France. Vinted’s payments business has acquired an EMI license and is working on solutions to improve how members transact on Vinted.

Thomas Plantenga, CEO of Vinted, said: “We’re delighted to welcome new investors with the experience to support us through our next phase of growth, while continuing to benefit from the expertise of our long-term backers. TPG and our other new investors share our vision: to make second-hand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication in making Vinted a success.

We are incredibly proud to have built a product that our members love to use, and that has created a market for second-hand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.”

Andy Doyle, Partner at TPG, said: “We’ve seen that consumers are increasingly choosing second-hand as a core part of their wardrobe, as sustainability and flexibility become top of mind for many people. Vinted’s customer focus, leading product experience, and sophisticated approach to logistics have made this market accessible to an even broader population. We are excited to partner with Thomas and his team of world-class operators and to count Vinted among our growing portfolio of leading European tech businesses.”

Morgan Stanley & Co. International plc served as financial advisor and placement agent for the transaction. Taylor Wessing and Cooley provided legal advice to Vinted.

*April 29, 2024 (Vinted delivers strong year of growth and reaches profitability, while investing for the future )

** According to Vinted’s Impact Report, released in June 2024

About Vinted

Vinted Marketplace is Europe’s leading international online C2C marketplace dedicated to second-hand fashion and more. With a mission to make second-hand the first choice worldwide, Vinted enables people to sell and buy second-hand clothes and lifestyle items from each other, helping give those items a second or even third life.

Vinted was founded in 2008 in Lithuania and in 2019 became the country’s first Unicorn.

Today Vinted is still headquartered in Vilnius, with offices in Lithuania, Germany and the Netherlands, and over 2,000 employees. Its backers include Accel, EQT Growth, Insight Partners, Lightspeed Venture Partners and Sprints.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

View original content:https://www.prnewswire.co.uk/news-releases/vinted-secures-tpg-led-secondary-investment-at-valuation-of-5b-reflecting-profitable-growth-302284957.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

6 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html

Fintech PR

China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

7 hours ago

November 23, 2024

CISION (PR Newswire)

china-telecom-gulf-officially-launches-in-saudi-arabia-for-business

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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View original content:https://www.prnewswire.co.uk/news-releases/china-telecom-gulf-officially-launches-in-saudi-arabia-for-business-302314765.html

Fintech PR

Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

22 hours ago

November 23, 2024

CISION (PR Newswire)

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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