GIMO, a prominent Vietnam-based fintech specialising in providing flexible pay and financial wellbeing solutions for under-banked workers, has just announced the successful completion of its Series A funding round, securing a substantial capital raise of up to $17.1 million.
|GIMO team |
The funding round's final closing, comprising a blend of equity and debt financing, remarkably came to fruition within a mere five months after GIMO had secured an initial close of $5.1 million. Spearheaded by TNB Aura, the Series A round saw enthusiastic participation from the GIMO’s existing backers, including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator. The round also attracted the attention of renowned global corporate ventures such as Genting Ventures, TKG Taekwang, George Kent, and the Asia-focused private credit financier, AlteriQ Global.
Charles Wong, founding partner of TNB Aura said, “We look forward to working closely with the GIMO team in breaking down barriers to financial inclusion for millions of blue-collar workers across Vietnam. Especially in challenging macroeconomic times such as these, GIMO’s mission to empower workers to 'Live Better. Work Happier' is even more critical.”
GIMO currently serves 500,000 workers from medium to large multinational manufacturing companies across Vietnam. Despite economic slowdown in 2023, the company demonstrates a solid growth rate of 15 per cent and is on track to reach 2.5 million under-banked 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. At AlteriQ, we consistently strive to forge partnerships with top-tier business operators across industries and geographies. Our decision to support GIMO marks our debut into Vietnam, and we are excited to work with Quan and his team to scale their operations and create a positive impact on the financial wellbeing of disadvantaged communities,” said Zhi Yong Heng, managing partner of AlteriQ Global.
|Manufacturing employees excited about GIMO’s EWA solution |
The freshly raised capital will be utilised to expedite GIMO's expansion plans and foster innovation across its diverse product portfolio. Foremost among its priorities will be product development, with GIMO directing a significant portion of the funds to augment research and development efforts.
This strategic investment aims to accelerate GIMO's product development, introducing impactful social initiatives to empower under-banked workers, shielding them from debt traps and predatory lending practices, while bolstering their overall financial wellbeing.
Customer success remains a paramount focus for GIMO, with a portion of the investment earmarked to enhance customer support initiatives, ensuring users receive the highest quality of services from the company. Moreover, GIMO seeks to leverage its newfound capital to forge strategic alliances with key partners and industry leaders. These partnerships, fostering collaboration and generating synergies, will facilitate the launch of new social impact initiatives.
“We are thrilled to announce the successful closing of our Series A funding round, which demonstrates the unwavering confidence and support we have received from investors," said co-founder and CEO Quan Nguyen.
“This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the disadvantaged communities in which we live and operate.”
According to the KPMG’s research in 2022, an average user draws down their earned pay two to three times per month, almost simulating bi-weekly and weekly pay. The use cases for on-demand pay are also wide-ranging. A flexible pay cycle takes the burden off blue-collar workers' shoulders by helping them pay for not only financial emergencies but everyday bills.
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GIMO, a Vietnam-based fintech startup offering on-demand pay for blue-collar workers, announced on Tuesday that it had successfully secured $1.9 million in a Seed+ round led by Singapore’s Integra Partners.
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By continuing to leverage top-notch technologies, fintech group Kredivo is well-positioned to maintain its market triumph in the buy now, pay later (BNPL) market and offer Vietnamese customers with an unparalleled experience, tapping into the country’s rapidly growing e-commerce sector with a convenient and secure way for online payment.