LINE MAN Wongnai and LINE Company (Thailand) Limited acquire the shares of Rabbit LINE Pay Company Limited (“RLP”) from previous shareholders, RabbitPay System Company Limited and Advanced mPAY Company Limited.
The transaction allows LINE MAN Wongnai to become the majority shareholder of RLP. Yod Chinsupakul, LINE MAN Wongnai CEO, and In Young Chung, LINE MAN Wongnai CFO, will become the new CEO and CFO of RLP, respectively.
The purpose of this acquisition is to bring RLP payment services closer to the LINE ecosystem, including LINE MAN, LINE SHOPPING, LINE App, and Wongnai’s merchant network. The new ownership structure will accelerate the innovation in RLP and create a more seamless experience within LINE MAN Wongnai’s services and also to the wider LINE ecosystem.
RLP users will not have any impact from this change of ownership structure. RLP users can keep using RLP payment services in existing channels, including BTS Skytrain ticketing system and AIS’s bill payment services.
Yod Chinsupakul, Chief Executive Officer of LINE MAN Wongnai, stated, “RLP has a long presence among Thai e-payment users, covering a wide range of online and offline payment channels. As user’s behaviors toward e-payment and overall fintech are transforming at a fast pace, it’s an exciting time to reframe the role of RLP under the new shareholders. We want to use our strength of over 10M LINE MAN and Wongnai users, over 500,000 merchants, and over 100,000 riders to create a coherent transaction experience for all stakeholders. With the addition of RLP, we believe LINE MAN Wongnai is uniquely positioned to help digitalize the Thai economy.”
In Young Chung, Chief Financial Officer of LINE MAN Wongnai, said, “With the co-acquisition of RLP, LINE Thailand and LINE MAN Wongnai is ready to connect the largest user and merchant bases in the economy via payment. The deal further deepens the strategic tie between LINE Group, one of the largest tech companies in Asia, and LINE MAN Wongnai, one of few tech unicorns out of Thailand. After the POS M&A lately and the RLP acquisition today, LINE MAN Wongnai team is confident to build the most inspiring tech company in Thailand in coming years.”
Dr. Phichet Rerkpreecha, Chief Executive Officer of LINE Thailand, said, “The key strength of RLP is the integration between online-to-offline (O2O). The joint acquisition of RLP by LINE Thailand and LINE MAN Wongnai is our strategy to connect LINE app with LINE MAN, on-demand service, and LINE SHOPPING, chat commerce service, for every type of customer. We can also bring the strength of LINE Chat, LINE POINTS, LINE STICKERS to create more fun and joyful experiences for our users. Yod and his team already prove their capacity of turning LINE MAN Wongnai into a Thai tech unicorn and we believe they can bring the same capacity to RLP again.”
About LINE MAN Wongnai
LINE MAN Wongnai is one of Thailand’s largest tech startups with a valuation well above US$1 billion after the series-B funding led by GIC and LINE. LINE MAN Wongnai brings together an e-commerce platform for services including food delivery, grocery delivery, taxi, messenger, local business reviews and restaurant solutions. LINE MAN Wongnai employs more than 1,000 employees who are dedicated to making large-scale impacts that connect millions of users in Thailand for better living.
About LINE Thailand
Established in 2014, LINE Thailand manages local sales and marketing strategies as well as develops new businesses and services for Thai markets. With the company mission ‘Closing the Distance’, LINE Thailand offers complete digital life ecosystem with various services including LINE SHOPPING, LINE VOOM, LINE STICKERS, LINE MELODY, LINE TODAY, LINE OPENCHAT, LINE for Business and LINE Official Account, LINE MAN, LINE GAME, LINE WEBTOON, LINE BK and Rabbit LINE Pay. The MAU in Thailand is 54 million (as of June 2023).
About Rabbit LINE Pay (RLP)
Rabbit LINE Pay (RLP) is an integrated online and offline payment platform under LINE MAN Wongnai, following the acquisition in August 2023. RLP offers seamless payment services, including an easy and secure digital wallet, and quick on-the-go payment options for purchases, money transfers, or top-ups. RLP services can be utilized within public transportation, for purchasing goods and services from partner brands, as well as for various utility bill payments.
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LINE MAN Wongnai’s Corporate Communication team: [email protected]
