As previously reported on TheTechInsider, MOL AccessPortal Sdn. Bhd. (MOL), the Malaysia-based e-payment service provider and a subsidiary of MOL Global Pte. Ltd., announced yesterday that it has made a majority investment in Silicon Valley-based alternative payment platform provider Rixty, Inc. (Rixty).
[Ganesh Kumar Bangah, Chief Executive Officer of MOL and Mr. Ted Sorom, Chief Executive Officer of Rixty]
Both companies declined to comment on the investment value but said that the investment in Rixty will provide MOL a strong foothold in North and South America, while supporting its continued global expansion. Rixty presently has offices in the United States and Brazil, with plans to expand into Canada and Mexico by the first quarter of next year.
Ted Sorom, the CEO of Rixty told TheTechInsider that its existing investors including Javelin Venture Partners, Accelerator Ventures, First Round Capital, Freestyle Capital, among others will remain as strategic partners. However he declined to provide more details on the share ownership.
MOL Global’s Group Chief Executive Officer, Ganesh Kumar Bangah, said the investment allows MOL to expand into these two huge markets while enabling MOL to tap into the best talent in Silicon Valley. “This investment takes us one step ahead to be global leaders in the US$19.2 billion worldwide virtual goods market. We look forward to working together with Ted and the Rixty team to capitalise on this tremendous opportunity,” Ganesh said.
Including Rixty, MOL now operates in ten countries and plans to further expand into another two countries by the end of the year.
Founded in 2007, Rixty allows users to spend cash and coins for online games, virtual goods and digital content via kiosks and prepaid cards at retail stores. The alternative payment platform allows consumers without credit cards or bank accounts to create spending accounts for online entertainment simply by taking their cash and coins to more than 75,000 locations across the United States and 66,000 locations in Brazil.