Goxip secures funding for SE Asia expansion

Hong Kong fashion e-commerce business Goxip has secured US$1.4 million from financial services firm Convoy Global Holdings.

The investment will fund Goxip’s planned expansion in Southeast Asia and allow the establishment of new payment services, including installment loans to online shoppers. The initiatives are expected to make the firm’s products more affordable to a broader audience in the region.

Goxip has already set up in Malaysia and Thailand.

Goxip raised $5 million early this year from Chinese imaging/video app developer Meitu and Nan Fung Group along with input from three individual investors. Meitu, which is also bringing its 456 million active users into play, also invested in this round of funding.

Goxip’s CEO Juliette Gimenez said: “With Meitu’s help, we’ve been growing faster than expected, especially with our Thailand launch ahead of schedule. Bringing Convoy on board will allow us to keep our momentum while also adding an important fintech component to our play, especially as we enter emerging markets across Southeast Asia where spending power still lags behind Hong Kong and Singapore.”

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