Top 50 Payments VC Funds & Investors in Malaysia (August 2026)

Portfolio highlights

• Paywatch — Paywatch offers a platform that allows employees to access their earnings before payday anytime.
• Valiance Health — Valiance Health is a healthtech firm that offers a healthcare cost-optimization platform for harmonizing clinical and financial outcomes.
• Equitable Technologies — A MIT-alumni founded startup dedicated to making healthcare more equitable and universally accessible (Stealth Mode)

Portfolio highlights

• UnityAI — At UnityAI, we specialize in developing innovative AI solutions that drive business success. Our state-of-the-art technology and expert team empower companies to optimize operations, enhance decision-making, and unlock new opportunities. Discover how UnityAI can transform your business with our comprehensive suite of AI services. Partner with us to turn your vision into reality.
• Cubby Storage — Cubby is the AI-native self-storage management software trusted by 400+ operators. Unify facility ops, pricing, checkout, and calls in one platform.
• Croissant — Croissant gives guaranteed buybacks on new purchases, so you can buy more and better.

Portfolio highlights

• PERL.eco — The Planetary Ecosystem Registration Ledger will be a dedicated blockchain for real-world ecological assets through tokenizing carbon credits and biodiversity, NFTs and decentralised (DeFi) rewards.
• A-World — Welcome to Animal World, a battle game based on #BNBCHAIN's super metaverse card tower defense. By setting up a hero tower to destroy monsters.
• NeuronX — The First AI-Driven Lending Protocol on @dfinity

Portfolio highlights

• Rime — AI voice models built for real-time conversations. 600+ voices, 50+ languages, sub-100ms latency. Trusted by global enterprise.
• Pangram Labs — The most accurate technology to detect AI-generated content. Detects ChatGPT, Gemini, Meta AI, Claude, and more. Supports 20+ languages with 99.98%+ accuracy.
• Quantum Bridge — Quantum Bridge is a pioneer in Distributed Symmetric Key Exchange (DSKE) technology. It offers quantum-safe cybersecurity products and services. Quantum-safe product and services, Quantum-safe roadmap and quantum-safe solutions implementation.

Portfolio highlights

• CHIP - Digital Finance Platform — Empowering MSMEs with integrated digital finance solutions for efficient payment, expense, compliance, and treasury management.
• CHIP - Cash, Card & Coin Handling Integrated Platform — CHIP (Cash, Card & Coin Handling Integrated Platform) is an online payment platform for both individual and business merchants to collect payment from customers via online banking, card & digital coin/token. Our services include digital company secretary, treasury management & expense management for your online business.

Portfolio highlights

• XFX — Powering international settlement
• Cyclops.io — Cyclops is the only crypto and stablecoin platform exclusively for payments companies. Cyclops enables payment service providers to accept crypto, do stablecoin settlement, and manage digital assets with enterprise-grade security. We provide PSPs, Card Networks, Acquirers, PayFacs and otherws with compliant crypto solutions without building in-house. Cyclops is chain agnostic, supporting Bitcoin, Ethereum, USDC, USDT, and multi-chain stablecoin settlement. White-label and turnkey offerings.
• Birdai Labs — Birdai operates at the base of the chain, measures where value leaks between an order and its fill, and is built to return it to the people who create the order flow.

Portfolio highlights

• Mglobal — Mglobal is a cross-border medical device service provider.
• MantaYaY — MantaYaY is a creator network and media company discovering and nurturing rising stars. From influencers to actors, we offer personalized support and top-tier opportunities to help talents thrive.
• Aonic (Formerly Poladrone) — Founded by a team of engineers, Aonic (Formerly Poladrone) is an all-in-one drone solutions provider for enterprises that are looking to modernise and streamline their operations workflow. A staple in the commercial drone industry, Poladrone is rapidly expanding beyond the skies and later rebranded into what we are today – Aonic, demonstrating ourcommitment to our clients to provide them with a holistic ecosystem beyond our core drone capabilities.

Portfolio highlights

• Nu Quantum — Nu Quantum has been pioneering quantum networking technology since 2018. Our market-leading expertise is uniquely positioned to deliver a distributed quantum...
• Halogen — Offering secure & innovative crypto investment solutions. Halogen Capital Sdn. Bhd. 202101022404 (1422704-T) is licensed by the Securities Commission Malaysia.
• OctaiPipe — OctaiPipe is an AI-powered optimisation software that delivers up to 40% savings in cooling energy use with zero disruption.

Portfolio highlights

• Joystream — JoyStream is a blockchain powered decentralized media distribution, curation, discovery, and monetization platform.
• Freyr Energy — We are a full-service Solar systems integration and solutions company. We help you with Solar System Installations for your home and business.
• The Fashion Kingdom — Fashion, Sneakers for men, women, and kids

Portfolio highlights

• Torum — Convert your crypto to Ringgit and spend it at any DuitNow QR-enabled merchant with ease.
• Wicrypt — Wicrypt is a dynamic organization that consistently allows its users to get paid by sharing their Wi-Fi.
• Bella Protocol — Bella Defi suite allows users to simply deposit and enjoy high yield from sophisticated arbitrage strategies, either on-chain or via custodian service.

Portfolio highlights

• Payong — PayongCare is a financial health startup that enables affordable access to healthcare through flexible “care now, pay later” payment solutions. It partners with medical providers to help patients manage treatment costs by spreading payments over time, improving access to essential care without immediate financial burden.
• Yoje Group — Yoje Group is the parent company of Almost Human Club, creating spaces centered on human connection, coffee culture, and shared experiences.
• Ayam Selesa — Ayam Selesa develops ready-to-eat meals focused on convenience, backed by research to meet modern lifestyle needs and everyday occasions.

Portfolio highlights

• BON Credit — BON Credit's free AI helps you find money you're missing, pay less interest, improve your credit, and always know what to do next.
• EquityList — Equity management with online cap table management and employee stock option programs (ESOP) administration. Available free for Indian startups
• Orbital Sentry — Orbital Sentry delivers real-time wildfire detection and continuous geostationary monitoring to protect communities, reduce losses, and power next-generation risk intelligence. Our persistent infrared data helps insurers, governments, and first responders act faster and build true climate resilience

Portfolio highlights

• Mesh — Mesh Pay is a payment infrastructure platform that enables businesses to accept and send digital assets and cryptocurrency transactions through a single integration. It supports connectivity with hundreds of wallets and exchanges, and processes payments, deposits, verification,s and global payouts, settling funds in stablecoins or local currency toreduce volatility risk and increase completion rates. The platform includes SmartFunding™, which orchestrates funding from multiple sources to streamline checkout and payout processes, and offers real-time address validation and settlement features. Mesh Pay also provides programmable wallet capabilities for autonomous commerce and routes funds securely across wallets, banks and exchanges.
• Hata — Your crypto gateway to global opportunities. Regulated by the Labuan Financial Services Authority. Buy, sell, and trade crypto securely.
• Mesh — Mesh enables safer, easier crypto transfers and payments from 300+ leading exchanges and wallets, all without leaving your platform

Portfolio highlights

• Arcade2earn — Arcade is a GameFi platform, built on Ethereum and powered by Avalanche, that offers users the opportunity to earn meaningful rewards from various video games through the strategic infrastructure.
• FanAnywhere — Your one-stop blockchain solution for a celebrity to engage the fan base, exclusive Fan Tokens, exchange in FAW pairs & own exclusive celebrity artworks
• D/Bond — Decentralized derivatives

Portfolio highlights

• Rivalz Network — Join the connectivity infrastructure between AI Agents, DeFAI and Markets.
• RiskLayer — RiskLayer is an economic security middleware for DeFi and providing services and validating Creating positive feedback loops.
• Perceptron Network — AI agents that learn, earn, and reward trust. Perceptron powers a decentralized mesh of reputation and revenue. Perceptron Network is the first AI-powered system where interactions drive growth and earn real rewards.

Portfolio highlights

• Bukku — Automate invoicing, expenses, bank recon & 50+ reports like P&L & cash flow. SST compliant for Malaysian SMEs. Training & live chat support. Start 30 days free.
• CHIP - Digital Finance Platform — Empowering MSMEs with integrated digital finance solutions for efficient payment, expense, compliance, and treasury management.
• CHIP - Cash, Card & Coin Handling Integrated Platform — CHIP (Cash, Card & Coin Handling Integrated Platform) is an online payment platform for both individual and business merchants to collect payment from customers via online banking, card & digital coin/token. Our services include digital company secretary, treasury management & expense management for your online business.

Portfolio highlights

• Torum — Convert your crypto to Ringgit and spend it at any DuitNow QR-enabled merchant with ease.

Portfolio highlights

• Taiv — Taiv enhances live TV in bars & restaurants with bettercontent, commercials, automation, and control. No risk, no cost, cancel any time. Oh - and we'll pay you every month.
• Osigu — Osigu provides an AI-powered healthcare revenue cycle and claims management platform for data processes and data transfers. Its platform also helps in all the transactions and data transfers that happen between insurance providers, insurance partners, and customers, eliminating all the overprocessed and haphazard paperwork found in the back-endsystems. Additionally, it provides clients with reliable and efficient technology that helps them serve their millions of customers easily and without any hassle.
• Glacis Labs — Glacis Labs is a middleware protocol. It enables developers to control cross-chain risk. Glacis provides a plug-and-play solution that eliminates the research and decision-making process in cross-chain processes, simplifying interchain execution.

Portfolio highlights

• Hermo — A beauty collection with the best deals. Official Flagship Store partner : Yadah, Bonanza, Redergen, SkinBasic Group, Bliv and etc
• Camera360 — Camera360 is a professional but easy-to use App for photo editing and selfie retouching. Tag #camera360
• GoWork — GoWork is Jakarta's leading premium coworking and office space rental with the mission to provide companies with dynamic workspaces of hybrid arrangements and satellite locations.

Portfolio highlights

• CHIP - Digital Finance Platform — Empowering MSMEs with integrated digital finance solutions for efficient payment, expense, compliance, and treasury management.
• CHIP - Cash, Card & Coin Handling Integrated Platform — CHIP (Cash, Card & Coin Handling Integrated Platform) is an online payment platform for both individual and business merchants to collect payment from customers via online banking, card & digital coin/token. Our services include digital company secretary, treasury management & expense management for your online business.

Portfolio highlights

• Torum — Convert your crypto to Ringgit and spend it at any DuitNow QR-enabled merchant with ease.

Portfolio highlights

• Torum — Convert your crypto to Ringgit and spend it at any DuitNow QR-enabled merchant with ease.

Portfolio highlights

• TonUP — TonUP offers cryptocurrencies as well as IDO services.
• 4Everland — 4EVERLAND is a Web 3.0 cloud computing platform that integrates storage, computing, and network core capabilities.
• Ordz Games — Ordz Games is a gaming provider for the Bitcoin eco-chain.

Portfolio highlights

• Torum — Convert your crypto to Ringgit and spend it at any DuitNow QR-enabled merchant with ease.
• Coldblock — Coldblock Technologies Inc delivers short wave infrared sample digestion technology to prepare samples for analysis, accuracy and safety.
• fraction/al — Fan Ownership Platform that empower fans to own a piece of their favorite sports team.

Portfolio highlights

• CHIP - Digital Finance Platform — Empowering MSMEs with integrated digital finance solutions for efficient payment, expense, compliance, and treasury management.
• CHIP - Cash, Card & Coin Handling Integrated Platform — CHIP (Cash, Card & Coin Handling Integrated Platform) is an online payment platform for both individual and business merchants to collect payment from customers via online banking, card & digital coin/token. Our services include digital company secretary, treasury management & expense management for your online business.

Portfolio highlights

• Tiamat — Tiamat is a platform for generative artificial intelligence development and operators.
• Polly Polymer — Polly Polymer is a manufacturer of 3D printing terminals. They are engaged in the research and development of dental and medical polymer materials and 3D printing for sports equipment, medical devices, consumer electronics, automobiles, and other industries, enabling clients to shorten the research and development cycle and reduce costs. PollyPolymer, with its superior materials and large-scale 3D printing production, has become a catalyst for corporate digital intelligent manufacturing transformation, upgrading, and innovation.
• Legacy Girls' College —

Portfolio highlights

• Paywatch — Paywatch offers a platform that allows employees to access their earnings before payday anytime.
• Calidi Biotherapeutics — We're on a Mission to Find The Cure For Cancer By Delivering Oncolytic Viruses That Are Designed To Attack Cancer

Portfolio highlights

• MASVERSE — Entering the Masverse of blockchain gaming. Join the bandwagon of blockchain and NFT games via our initial game offering

Portfolio highlights

• Ark — Ark is an AI-based early screening company focused on identifying and preventing complications associated with chronic diseases, developing and supplying advanced medical AI solutions that enable early detection, risk assessment, and proactive disease management to support healthcare providers in delivering more precise and timely care.
• Goi — A new tool that blends your everyday work apps into one. It's the all-in-one workspace for you and your team
• IMBiologics — IMBiologics is a biotechnology company that develops immunomodulatory antibody drugs for physiological balance.

Portfolio highlights

• Paywatch — Paywatch offers a platform that allows employees to access their earnings before payday anytime.
• Metafarmers — Metafarmers is an agricultural technology company that provides robotic assistance in farming to increase production.
• Peanut AI — Peanut AI is a cybersecurity company that specializes in embedded protection for industrial OT and IoT systems. The company help manufacturers secure their factory equipment, PLCs, sensors, and industrial networks with lightweight and real-time defense solutions designed for global compliance.

Portfolio highlights

• Wodca — Wodca is the developer of a Token Wallet service that can distribute virtual currency in real time.
• GDX — No.1 SaaS and Sustainable Brand EC Enabler and Omni Channel Solution in Southeast Asia and India Chat GPT and AI Robot take over EC operation from manpower. From Silicon Valley US, Bangalore India and Tokyo Japan to the worldThe growth of the EC market is hindered by the limited capacity and capability of human resources to build and operate ECbusinesses.GDX solves the problem of limited human resource capacity and capability with high-level planning and project management capabilities using AI robots and stable operations at low cost using ChatGPT.GDX will contribute to the economic growth of Southeast Asia and India by sustainably expanding the EC market using cutting-edge IT technology.
• Soft Space — From its inception in Kuala Lumpur, Malaysia in 2012, Soft Space has grown to become the leading mobile Point of Sales (mPOS) provider in the South East Asia region, present in 13 banks across Malaysia, Indonesia, Thailand, Singapore, Vietnam, the Philippines, Australia and New Zealand.The Soft Space centralised Mobile Point-­‐of-­‐Salespayment platform aims to revolutionise the payment industry by enabling anyone to accept card based payments. It is certified EMV Level 2, the first in Asia to achieve this, and is also certified by MasterCard and Visa; a testament to its security, credibility and is recognised globally.Soft Space has won multiple awards including the Red Herring Top 100 Asia 2014, Merit Winner of the WITSA’s Global ICT Excellence Awards, APICTA’s Best Financial Application Award 2013, APICTA’s Best Start Up 2013, and AICTA’s award for the Best Start Up in the ASEAN region.

Portfolio highlights

• Valiance Health — Valiance Health is a healthtech firm that offers a healthcare cost-optimization platform for harmonizing clinical and financial outcomes.

Portfolio highlights

• Biobijou — Biobijou is a biotech and medical aesthetics company. The company develops and manufactures skin boosters, hyaluronic acid dermal fillers, botulinum toxin products, cosmetics, and related medical aesthetic devices. The company operates a vertically integrated model covering R&D, manufacturing, marketing, and global distribution. The companyemphasizes GMP-certified production facilities and automated manufacturing lines for aesthetic injectables.
• OROS Labs — OROS Labs is a material technology company provides thermal solutions.
• Pepper & Salt — Pepper & Salt is a creative company specializing in branding, marketing, and intellectual property development. It offers integrated services spanning concept planning, design, content creation, and production, helping businesses build distinct brand identities and engaging customer experiences through strategic, content-driven solutions.

Portfolio highlights

• Sapiom — Where agents run
• Venice — Private & Unrestricted AI | https://t.co/iIt1pyF1TK
• Velocity — Velocity provides a unified platform for efficiently moving and managing funds across both traditional banks and blockchains.

Portfolio highlights

• Clouted — Clout Kitchen is THE Virality Engine for brands and creators, designing data-driven viral campaigns with distribution marketing.
• PowerUp Money — Select, review, and rebalance your mutual funds with expert advice & 20 years of data. PowerUp Money helps you keep your portfolio in top form.
• Finova Capital — They at FINOVA believe that by supporting and creating enabling opportunities for micro & small business, lives can be enriched & communities can be transformed. The company's aim is to reach out to financially excluded unorganized, Unreached MSME sector. The objective is to make finance available at a reasonable cost & deliver ina transparent manner.It stands for financial innovation. The company is headquartered in Jaipur & provides loan to both urban poor & rural poor to meet their productive requirements in starting new business or for growing an existing business.It is a young, growing company.

Portfolio highlights

• Paywatch — Paywatch offers a platform that allows employees to access their earnings before payday anytime.
• Mumble — Mumble (멈블) is a private Korean messaging app by Lobster Corp designed for close friends to chat casually with fun features like Ping notifications, Time Capsule messages, disappearing messages, and gift boxes, featuring no ads or feeds for a clean, exclusive space where only invited friends can communicate.
• HomeCourt — HomeCourt is a mobile app that uses AI to record and track basketball shots, makes, misses, and location.

Portfolio highlights

• Fireverse — Fireverse is an AI-powered musical and Web-3 platform.
• JoJoWorld — JoJoWorld is a Web3 game application that uses generative AI. It lowers the bar for players to develop games, helps users worldwide experience 3D worlds through text-to-3D models, and automatically generates scenes and narratives.
• Kyuzo’s Friends — Kyuzo’s Friends focuses on user growth and player engagement.

Portfolio highlights

• du-it — du-it is a Fintech that provides revolutionary payment solution for businesses & customers through 'Buy Now , Pay Later' business model.

Portfolio highlights

• Hata — Your crypto gateway to global opportunities. Regulated by the Labuan Financial Services Authority. Buy, sell, and trade crypto securely.
• Puffer — Puffer Finance operates as a blockchain infrastructure company.
• Validation Cloud — Discover enterprise-grade staking and node infrastructure: Ethereum, Polygon, and more. Enjoy secure, fast, and reliable staking and node services with Validation Cloud.

Portfolio highlights

• EGenesis — At eGenesis, we envision a world where transplantation is accessible to all. We develop safe and effective human-compatible organs for transplantation.
• Kallyope — At Kallyope, we are leveraging insights into neural signaling pathways and developing innovative medicines for the treatment of migraine and metabolic disorders.
• Paywatch — Paywatch offers a platform that allows employees to access their earnings before payday anytime.

Portfolio highlights

• Coinzix — Coinzix - one of the most convenient and reliable crypto platforms with guaranteed liquidity and low commissions. Come in and make sure.
• VisionGame — VisionGame brings the traditional game publishing experience, boosted for the blockchain. VisionGame provides unique products, technical and creative services, all to support the ever-growing gaming blockchain industry, raising the bar one game at a time.
• MetaFi — MetaFi is a blockchain-based technology project that focuses on combining decentralized finance (DeFi), social trading, and the metaverse into one ecosystem. The platform aims to create a virtual financial environment where users can trade digital assets, interact with other traders, and participate in Web3-based financial activities.

Portfolio highlights

• BayaPay — BayaPay heralds the future of FuelFleet payments with its next-generation FuelFleet payments solution, BayaFuel, that help businesses save money, deter fraud, cut costs and optimise fleet-related expenses management.
• Products2U — P2U is a one stop payment platform to individuals & businesses beyond borders while fostering entrepreneurship via a simplistic, easy to use application.

Portfolio highlights

• Soft Space — From its inception in Kuala Lumpur, Malaysia in 2012, Soft Space has grown to become the leading mobile Point of Sales (mPOS) provider in the South East Asia region, present in 13 banks across Malaysia, Indonesia, Thailand, Singapore, Vietnam, the Philippines, Australia and New Zealand.The Soft Space centralised Mobile Point-­‐of-­‐Salespayment platform aims to revolutionise the payment industry by enabling anyone to accept card based payments. It is certified EMV Level 2, the first in Asia to achieve this, and is also certified by MasterCard and Visa; a testament to its security, credibility and is recognised globally.Soft Space has won multiple awards including the Red Herring Top 100 Asia 2014, Merit Winner of the WITSA’s Global ICT Excellence Awards, APICTA’s Best Financial Application Award 2013, APICTA’s Best Start Up 2013, and AICTA’s award for the Best Start Up in the ASEAN region.
• Origami Japan — Origami is a mobile platform for cashless payments with a mission to “Create the future of money, payment and commerce”. Established in 2012, Origami Pay is now rolled out nationwide at convenience stores, international fast food chains, taxis, department stores and shops across various verticals.
• Seven & I Holding — Seven & I Holdings Co., Seven-i is a Japanese diversified retail group headquartered. Founded originally in 1920 as Ito-Yokado, Seven & I is now the fifth largest retailer in the world, with 35,000 stores in approximately 100 countries.

Portfolio highlights

• Solak — Solak is an AI browser and DeFi platform that is transforming the digital world.
• Graviton Zero — Providing a surprisingly human shopping experience. Trusted and secure. Millions of domains to choose from.
• Billionaire Plus — Billionaire Plus is a board game that combine NFT, Defi, collectibles and your journey.

Portfolio highlights

• du-it — du-it is a Fintech that provides revolutionary payment solution for businesses & customers through 'Buy Now , Pay Later' business model.

Portfolio highlights

• Seeo — Daftar akun togel resmi bisa melalui via dana, ovo, gopay, linkaja kami juga menyediakan berbagai link togel terpercaya seperti bo togel hadiah 2d 200rb, bandar togel hadiah 4d 10 juta terpercaya, situs togel resmi dan terpercaya, agen togel terpercaya, daftar bandar togel terbesar dan terpercaya, bandar togel terbesar, situs togel prize 123, bo togel bolak balik dibayar dan banyak lainnya yang kami sediakan untuk pencinta link togel resmi di Indonesia.
• C3Nano — C3Nano is the developer of the solution-based, transparent conductive inks and films as direct replacements for indium tin oxide (ITO). C3Nano is the performance leader in Transparent Conductor Films (TCFs) and Activegrid silver nanowire (AgNW) solution-based inks for the touch sensor and display industry. They have raised $37 million in funding todate, which has enabled the company to quickly achieve best in class ink formulations and expanded production capabilities. C3Nano is headquartered in Silicon Valley with an industry-leading manufacturing base in Korea.Founded in 2010, it is headquartered in Hayward, California.
• Boston Power — Boston-Power has developed the Sonata technology platform, which is a battery they say charges faster, lasts longer, performs better and is safer than what's currently on the market. The technology will be used in many consumer electronic devices including laptops, PDAs and mobile phones.In January of 2008, Boston-Power announced a newpartnership with Chinese battery manufacturer GP Batteries to step up production of Sonata batteries.

Portfolio highlights

• Biorce — Meet the world's first AI clinical trials assistant! We bring innovative technologies to revolutionize healthcare and drug development faster & more efficiently
• Hata — Your crypto gateway to global opportunities. Regulated by the Labuan Financial Services Authority. Buy, sell, and trade crypto securely.
• MintNeuro — MintNeuro is pioneering the use of semiconductor technology in next-generation neural implants.

Portfolio highlights

• BIGC — BIGC is a technology company that offers digital marketing, content creation, and advertising services.
• Green Lamp — The Green Lamp Library is a study space dedicated to enhancing students' study efficiency and promoting the development of self-directed learning services through the implementation of gamification techniques to encourage engagement in learning. Among the standout features of the Green Lamp Library is the S2E (Study to Earn) system, whichincentivizes learning by enabling users to accumulate points that can be redeemed like cash through a variety of educational tasks. Additionally, it offers a structured system that assists users in concentrating on their studies for a predetermined duration.
• Welcon Systems — WELCON Systems is a company that makes electronic control equipment used in machines. Their main products include servo drives and motion controllers, which help control the movement of motors in industrial machines and robots.

Portfolio highlights

• Meesho — Meesho operates as an online reselling platform that enables anyone to start a business without investment. Meesho is a business platform trusted by more than 2.6 million resellers across India. The company was founded in 2015 by Vidit Aatrey and Sanjeev Barnwa and is headquartered in Bangalore, Karnataka.
• Deccan AI — Build superior LLMs and Foundational Models. Powered by high-quality human data. A model is only as good as its data.
• Valinor — Institutional capital solutions at the intersection of credit and blockchain

Portfolio highlights

• WIPDATA — WipData is a data centric consulting firm that serves a broad mix of private, public and social sector institutions. We help our clients make significant and lasting improvements to their performance by embracing the use of data driven decision
• Acxyn — Unravel the true value of gaming IPs. Check out our latest litepaper here - https://t.co/mE6lXDolxL
• du-it — du-it is a Fintech that provides revolutionary payment solution for businesses & customers through 'Buy Now , Pay Later' business model.