The region’s first block-chain-based and zero-commission-taking ride-hailing service has completed its Series A extension after being backed by one of the largest commercial banks in South Korea and other additional investors.
According to the firm the undisclosed sum will be used to finance MVLLABS Pte Ltd (MVL), the company behind TADA’s expansion within its existing markets and for the development of its mobility ecosystem built on MVL’s block-chain protocol.
In addition, the investment will allow the company to capitalise on the growth of TADA and develop further competencies to deliver innovative new products and services based on MVL’s block-chain business model.
Kay Woo, CEO of MVL, said: “With this investment, we can continue aggressively on our mission to build a sustainable and fairer mobility ecosystem.
We recently launched TADA Delivery in Cambodia to help businesses and our drivers tide through this COVID-19 season.”
“This has demonstrated how we can use technology to be a force for good. We thank our investors for the trust and sharing the same vision of a fair, sustainable and equitable mobility ecosystem,” he added.
“MVL’s block-chain-based mobility platform has experienced great growth for its users in Southeast Asia over the past 3 years. With Shinhan Bank’s retail financial service capabilities, such as our e-wallet, we expect to create greater synergies that will be a win-win for both Shinhan and MVL,” said the Shinhan Bank spokesperson.
The new zero-commission ride-sharing business model makes an income by recording user’s mobility data such as transactions, movements, accidents, and maintenance of vehicles on the “Mass Vehicle Ledger” platform that is then connected to the MVL business ecosystem.
Users then interact with the MVL mobility data ecosystem and on its block-chain through connected services such as TADA and other upcoming services.
Woo has previously said that MVL does not own the data but provides a platform for data storage.
“The data belongs to the drivers; we will first ask for their consent before we use their data. By providing the platform and service for drivers to collect driving data, MVL will charge the external parties who use this data,” he said.
Currently, TADA has over 81,000 drivers and more than 550,000 thousand users in Singapore, Vietnam and Cambodia.