KUALA LUMPUR (Aug 28): Axiata Group Bhd's (KL:AXIATA) fintech arm Boost Holdings Sdn Bhd is still seeking potential investors even after securing a US$20 million (RM81.7 million) investment from the International Finance Corp (IFC), which valued the company at US$340 million on a post-money basis.
IFC, the World Bank Group's private-sector investment arm, subscribed for 11.7 million preference shares in Boost Holdings under an agreement signed on July 31, Axiata management said during the group's first-half results briefing on Friday.
Axiata acting group chief financial officer Komathi Balakrishnan said the IFC investment valued the fintech firm at US$340 million on a post-money valuation. Axiata did not disclose IFC's precise stake in Boost Holdings following the subscription, nor the rights attached to the preference shares.
IFC first disclosed its proposed Boost Holdings investment on Dec 18, 2025, saying it intended to lead the fintech company's equity fundraising to sustain the company's growth.
On Friday, Axiata group chief executive officer and managing director Nik Rizal Kamil Nik Ibrahim Kamil added that Boost Holdings remains in discussions with other potential investors.
Komathi and Nik Rizal Kamil did not identify the parties involved, but said further capital would help Boost Holdings extend its funding runway and finance its growth plans.
Before IFC's entry, Boost Holdings was 77.76%-owned by Axiata, while Great Eastern Digital Pte Ltd held 19.90% and Mitsui & Co Ltd owned the remaining 2.34%.
Boost Holdings houses Axiata's digital financial-services businesses and owns a 60% stake in Boost Bank Bhd, with RHB Bank Bhd (KL:RHBBANK) holding the remaining 40%. Boost Bank is one of Malaysia's five licensed digital banks and officially launched to the public in June 2024.
In June, The Edge reported that Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) was tipped to emerge as a new strategic shareholder in Boost Holdings. Sources said at the time that a potential investor could acquire a 20% to 30% stake, although the deal structure had yet to be finalised.