What Boost does

Boost is a Malaysian fintech platform operating as the financial services arm of telecommunications conglomerate Axiata Group Berhad. Founded in 2017 and headquartered in Kuala Lumpur, the company offers a consumer e-wallet application ranked among Malaysia's top five alongside Touch 'n Go eWallet, GrabPay, MAE, and ShopeePay, as well as digital banking services through Boost Bank, a 60-40 joint venture with RHB Banking Group that launched in June 2024. Its product surface spans peer-to-peer transfers, bill payments, QR-code merchant transactions, deposit accounts, and lending products primarily targeted at micro-SMEs and underserved small businesses, with a parallel US-based digital insurance subsidiary (Boost Insurance Holdings, Inc.) serving MGAs and brokers.

The company generates revenue primarily through lending income on a growing micro-SME loan book (RM310 million, up 32.7% QoQ), transaction fees from its e-wallet platform, and deposit-taking and lending services at Boost Bank (RM600 million in accumulated deposits). Boost operates a hybrid product-led and sales-led go-to-market motion, converting its existing e-wallet user base into banking customers at minimal acquisition cost via embedded financial services, while running a direct lending motion into micro-SMEs through the Boost Bank platform.

Revenue for the first nine months of 2025 reached RM149.1 million, up 49% year-on-year, and quarterly revenue growth was 38.1% QoQ. Boost has raised approximately RM308 million in equity funding as of 2025 and is pursuing unicorn status with a stated valuation goal of 'a couple of billion dollars' within five years, while exploring an IPO and external investor close expected in Q2 2026. The company remains loss-making, with management targeting profitability by 2028.

Name

Boost

Legal name

Boost Holdings

Website

https://myboost.com.my

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Boost is the fintech arm of Malaysian telecom conglomerate Axiata Group Berhad, operating a top-five e-wallet and a digital bank (Boost Bank JV with RHB Bank). It serves Malaysian consumers and micro-SMEs with payments, deposits, lending, and digital insurance products.

Ownership category

akta.pro rank

Product category

Digital Payments & Banking

NAICS

Credit Intermediation and Related Activities (522), Commercial Banking (522110)

SIC

Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

P2P Transfers & Remittances Platforms (BPAMAFAE)

akta.pro secondary industries

Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ), Biller Direct EBPP Platforms (FSAMAJAA)

Keywords

• Mobile payments
• E-wallet services
• Digital banking
• Micro-SME lending
• Embedded finance

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Lending Income: Boost generates revenue primarily through lending income to micro-SMEs, with its loan portfolio growing significantly quarter-over-quarter. The company deploys loans through Boost Bank's embedded banking platform.
2. E-wallet Transaction Fees: Boost operates as a digital e-wallet platform generating revenue from transaction fees, merchant services, and fund transfers. One of the top five e-wallets in Malaysia alongside Touch 'n Go eWallet, GrabPay, MAE, and ShopeePay.
3. Digital Banking Services: Boost Bank (60-40 JV with RHB Bank) generates revenue through deposit-taking and lending services, accumulating approximately RM600 million in deposits and over RM300 million in loan books since June 2024 launch.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels1 record

Core offering

Boost operates a digital e-wallet platform enabling peer-to-peer transfers, bill payments, QR code payments, and mobile top-ups for Malaysian consumers. Through Boost Bank, a 60-40 joint venture with RHB Bank launched in June 2024, Boost also offers deposit accounts and micro-SME lending services, leveraging its e-wallet user base as a low-cost distribution channel for embedded banking products.

Product overview

Boost operates as a multi-product fintech platform under Axiata Group Berhad, comprising a consumer e-wallet (Boost E-Wallet) as its core product and Boost Bank as its digital banking joint venture with RHB Bank. The e-wallet enables mobile payments, transfers, and bill payments, while Boost Bank extends deposit-taking and micro-SME lending services, leveraging the e-wallet user base for customer acquisition. Boost Holdings functions as the overarching brand entity that encompasses these financial services products.

Differentiator

Problem solved

Functional benefit

Products and services

• Boost E-Wallet Digital e-wallet platform enabling peer-to-peer transfers, bill payments, QR code payments, and mobile top-ups. Ranked among Malaysia's top five e-wallets alongside Touch 'n Go eWallet, GrabPay, MAE, and ShopeePay.
• Boost Bank Digital bank joint venture with RHB Bank offering deposit accounts and micro-SME lending services. Accumulated approximately RM600 million in deposits and over RM300 million in loan books as of early 2026. Targets profitability by 2028.

Quantifiable outcome

• 49% year-on-year revenue growth to RM149.1 million for first nine months of 2025
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• RHB Banking GroupflagshipStrategic or Co-development PartnerBoost Bank is a 60-40 joint venture between Boost and RHB Bank, launched in June 2024. The partnership provides embedded banking capabilities, allowing Boost to convert e-wallet users to deposit customers at minimal acquisition cost. RHB Bank holds 40% stake in the venture.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Touch 'n Go eWallet: Touch 'n Go eWallet is one of Malaysia's leading e-wallets and the most direct competitor to Boost, offering similar P2P transfers, bill payments, and merchant QR payments. Both compete for the same Malaysian consumer and merchant base in the top-5 e-wallet segment.
• GrabPay: GrabPay is the payments arm of Grab's super-app and a direct competitor in Malaysia's e-wallet market. Both compete for consumer payments and merchant acquiring, with GrabPay leveraging ride-hailing and food delivery as transaction anchors.
• ShopeePay: ShopeePay is Sea Group's e-wallet integrated with the Shopee e-commerce platform and a top-5 Malaysian e-wallet competitor. Both compete for merchant payments and consumer wallet share, with ShopeePay benefiting from e-commerce transaction flow.
• MAE (Maybank): MAE is Maybank's mobile banking app with embedded e-wallet functionality and one of Malaysia's top 5 e-wallets. As Malaysia's largest bank, MAE competes with Boost on payments and deposit-taking, with the advantage of incumbent banking relationships.
• BigPay: BigPay is AirAsia's fintech arm offering e-wallet, payments, and remittance services in Southeast Asia. Similar to Boost's telecom-parent-backed model, BigPay leverages AirAsia's travel ecosystem for user acquisition and competes in the regional digital payments space.

Regional players

• GCash: GCash is the Philippines' leading e-wallet operated by Mynt (backed by Globe Telecom, Ayala, and Ant Group). It shares Boost's telco-backed embedded finance model and is comparable as a Southeast Asian e-wallet leader, though focused on the Philippine market.
• TrueMoney: TrueMoney is a Southeast Asian e-wallet and financial services platform backed by Ascend Money (CP Group). Comparable to Boost as a regional telco-backed fintech operating across payments, lending, and financial inclusion in Southeast Asia.
• DANA: DANA is one of Indonesia's leading e-wallets, offering payments, transfers, and merchant services. Comparable to Boost as a Southeast Asian e-wallet competitor, though operating primarily in Indonesia rather than Malaysia.

Others

• RHB Banking Group: RHB Bank is Boost Bank's JV partner (40% stake) and one of Malaysia's major commercial banks. While a partner rather than competitor, RHB is relevant as a comparable Malaysian banking institution whose lending products, deposit products, and digital channels compete in the same financial services space Boost targets.

Emerging players

• Billplz: Billplz is a Malaysian payment platform providing online bill payments and payment gateway services to businesses. Comparable to Boost's bill payment and merchant services capabilities, though focused on B2B payment infrastructure rather than consumer e-wallet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/myboostapp
• LinkedInlinkedin.com/company/boostapp

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boost