Vietnamese social impact FinTech startup, GIMO, which focuses on delivering flexible pay and financial well-being solutions for underbanked workers, has announced the successful completion of a $17.1m Series A funding round.
This funding round, a blend of equity and debt financing, comes only five months after GIMO secured an initial $5.1m. Leading the round was TNB Aura, with significant participation from existing backers including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator. Global corporate ventures such as Genting Ventures, TKG Taekwang, George Kent, and AlteriQ Global, an Asia-focused private credit financier, joined as new investors.
GIMO strives to empower underbanked employees in Vietnam by providing them with access to earned wages on demand. By offering mobile-enabled financial solutions, GIMO assists these workers in bettering their financial lives and increasing financial inclusion. Despite the economic slowdown in 2023, GIMO has demonstrated a solid 15% growth rate, currently serving 500,000 employees from medium to large-sized multinational manufacturing companies across Vietnam.
The new funds will propel GIMO’s expansion and innovation across its product portfolio. The company plans to allocate a significant portion of the funding to enhance research and development efforts, accelerating product development and introducing more social impact initiatives. These initiatives aim to assist underbanked workers in evading debt traps and improving their financial well-being.
Moreover, a segment of the funding will be utilised to augment GIMO’s customer success and support initiatives, ensuring top-tier services for its users. Additionally, GIMO aims to use the funding to forge strategic alliances with key partners and industry leaders to foster collaboration and launch new social impact initiatives.
Founding Partner of TNB Aura, Charles Wong, shared his enthusiasm for the collaboration, stating, “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.”
AlteriQ Global’s Managing Partner, Zhi Yong Heng, expressed similar sentiments. He said, “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… 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 well-being of the underserved communities.”
Quan Nguyen, co-founder and CEO of GIMO, announced, “This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the underserved communities in which we live and operate.”
This final close comes shortly after GIMO secured $5.1m in its first close, displaying a fast pace in securing capital to fuel their mission of financial inclusion.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global