Philippine-based blockchain startup Coins.ph announced that it has raised an additional $5 million for its series A funding round that was first raised in October 2016.

According to the reports by TechinAsia, the funding round was led by Naspers Venture, which is the investment arm of South African tech and internet conglomerate Naspers. With the funding from Naspers, the VP and chief product officer of Naspers’ fintech division PayU, James Caviness will be joining the board of Coins.

Coins uses blockchain technology for financial services like bill payments, money remittances and mobile credit top-up for its users, whether they have a bank account or not. The startup claims to have signed up over 1 million users.

The Series A funding round in October raised $5 million that was led by the Accion Frontier Inclusion Fund, managed by Quona Capital. It also drew support from Eric Schmidt's Innovation Endeavors, Pantera Capital, Digital Currency Group, Wavemaker Labs, Global Brain, BeeNext, and Rebright Partners.

The South African firm has participated in the US$4 million series A of Singapore-headquartered bitcoin startup Luno, formerly known as BitX in 2015, through PayU. Last September, PayU acquired Indian payment service company Citrus Pay for US$130 million.