Vietnamese fintech start-up Gimo secures $17m in Series A funding
Vietnamese fintech start-up Gimo has secured $17.1 million in a Series A funding round as it looks to boost financial inclusion in the country.
The Gimo team
The round, which consists of a mix of equity and debt financing, was led by TNB Aura with participation from existing backers Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.
New investors in the round include Genting Ventures, TKG Taekwang, George Kent, and AlteriQ Global.
The news comes just months after Gimo raised $5.1 million in its first close of the funding round in February.
The Hanoi-based start-up was founded in 2019 and provides flexible pay and mobile-based financial wellbeing solutions for underbanked workers in Vietnam. Currently, it claims to serve about 500,000 workers from nearly 100 businesses, and aims to reach 2.5 million underbanked employees by 2025.
“We believe that the Vietnam market is ripe for the adoption of Earned Wage Access, which will drive financial inclusion and stability for the underserved,” says Zhi Yong Heng, managing partner at AlteriQ Global.
Heng adds that the investment marks AlteriQ’s debut in Vietnam, and hopes the capital will help scale Gimo’s operations and “create a positive impact on the financial wellbeing of the underserved communities”.
With the fresh funding, Gimo plans to accelerate its expansion plans and boost product development with the aim to introduce more social impact initiatives and forge strategic partnerships with key partners and industry leaders.
