Vietnam’s first digital bank Timo has secured $20m from a funding round led by venture capital firm Square Peg.
Participating in the funding round included Phoenix Holdings, FinAccel, Granite Oak and Jungle Ventures.
Founded in 2015, Timo is the first digital bank in Vietnam. Timo – which stands for Time and Money – is widely recognised as being one of the first banks in Vietnam to offer eKYC services.
Timo mentioned that operating in a country where the banking adoption rate is still relatively low, these services help customers save time during onboarding and enables them to access other banking services online faster through its platform.
Timo CEO Henry Nguyen said, “This funding round is not only a signal that digital banking is the future in Vietnam, but It also demonstrates investors’ confidence that Timo is leading this important sector. We are deeply committed to our mission of setting the benchmark for modern banking in Vietnam while bringing greater financial inclusion and accessibility to the large majority of the population which remains unbanked. Timo aims to become the bank that is at the center of our customers’ financial lives. We are delighted to have world class investors led by Square Peg joining us on our journey.”
Square Peg Southeast Asia partner Tushar Roy added, “We have been impressed by the Timo team’s vision to transform banking in Vietnam. In a market with almost no other independent, digital-native players – Timo stood out from the crowd. It is a mission-oriented team aligned around creating beautiful experiences for customers and bringing more people in Vietnam into the financial ecosystem. We are excited to support Timo on its journey.”
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