Fintech startup 1Long secures $500,000 in funding

February 27, 2024 | 11:13

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Vietnam-based fintech platform 1Long announced on February 26 that it has secured $500,000 in a pre-seed funding round with the capital coming from a consortium of investors, including Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital.

1Long will use the fresh funding to expand its team, invest in new technology, and form strategic partnerships with asset managers and financial institutions.

Fintech startup 1Long secures $500,000 in funding

"Our investment in 1Long goes beyond mere returns; it's a step towards redefining the future of wealth management," said Hsu Ken Ooi, co-founder and managing partner at Iterative. "We’re genuinely excited to see the innovative ways 1Long will redefine wealth management. Their approach aligns with the current market needs while setting a new standard for how technology can empower individuals on their financial journey.”

"It's worth noting that the fintech market in Vietnam is expected to surpass $72 billion by 2029 with a projected 13 per cent compound annual growth rate,” said Michael Do, co-founder and CEO at 1Long. “This promising trend highlights the vast potential within the sector and aligns perfectly with our mission as we navigate the maturing landscape with optimism and a clear focus on innovation and the financial success of our users.”

Founded by a team of former investment banking and Y Combinator-backed veterans, 1Long's platform aims to make wealth building accessible to everyone, enabling individuals to start with as little as VND10,000 (less than $0.50).

1Long is set to diversify into investment options such as stocks, bonds, real estate, and additional services like retirement and tax planning. Catering to both domestic and international investors interested in the Vietnamese market, the company is continuing its commitment to community welfare through its investments in charitable and green initiatives.

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